Dogecoin (DOGE) and Basic Attention Token prices (BAT) have been decreasing recently. The month of May has been characterized by gradual decreases without significant fluctuations.
Will this continue in June? Which one will increase more?
In order to answer these questions, we analyze the current short and medium-term movements of DOGE/BTC and BAT/BTC alongside an assessment of their technical indicators. In conclusion, we summarize our findings and compare both cryptocurrencies to see which has more potential for higher prices in the future.
Triangle for Dogecoin price (DOGE)
On May 6, DOGE reached a high of 45 satoshis. A decrease ensued and on May 13 the price reached a low of 35 satoshis.
SponsoredSince then, the price has been trading inside the symmetrical triangle outlined below:
After a failed attempt at an upward move, the Dogecoin price (DOGE) again dropped to the support line on May 27. At the time of writing, DOGE was trading at 38 satoshis. Will the price break out from this triangle?
In order to answer that, we will analyze the price alongside the RSI and the 10- and 20-day moving averages (MA) below:
The price is trading above the 10- and 20-day MAs. However, a bullish cross has yet to occur.
Furthermore, during the lows of 34 and 35 satoshis on May 13 and 27, the RSI doubled in size from 17 to 34.
This can be read as bullish divergence, which often precedes price increases.
The use of these indicators makes it unlikely that the DOGE price will breakdown from the channel. Movement inside its confines and an eventual breakout are likely.
If that occurs, where will the price reverse?
Dogecoin Reversal Areas
Sponsored SponsoredIn case of a breakout or breakdown, resistance and support areas can provide a possible reversal.
One resistance and support area is traced for DOGE below: