On Apr 4, 2019, the price of Dogecoin (DOGE) reached a high of $0.0041 and 85 satoshis. It has been gradually decreasing since, recently reaching lows of $0.00265 and 50 satoshis on Apr 22.
Will prices continue dropping or can we will a reversal bring gains back to Dogecoin?
SponsoredLet’s find out!
Dogecoin (DOGE): Key Trends And Highlights For April 22, 2019
- Dogecoin reached a high on Apr 4.
- It broke out from a descending wedge on Apr 13.
- Slight bullish divergence is developing in the RSI.
- There is resistance near $0.0031 and 59 satoshis.
Previous Movement
On Apr 4, the price made a high of $0.0041. A gradual decrease followed.
Until Apr 13, Dogecoin was trading inside a descending wedge:
After Dogecoin broke out from the wedge, it has been trading mostly sideways.
Current Support
Sponsored SponsoredOn Apr 11, the price reached a low of $0.0026. After a gradual increase, it reached the same levels on Apr 21 and 22.
Tracing these lows gives us a horizontal support line:
The price is not following a visible resistance line. If prices begin rising or decreasing, however, a new trading pattern may form.
In order to discern whether or not the price will rise or fall, we need to take a look at some technical indicators.
Technical Indicators
We begin by incorporating RSI into our analysis.
SponsoredCombining RSI bullish/bearish divergence with support/resistance essentially predicts price fluctuations. It traced alongside DOGE/USD in the graph below:
This is known as bullish divergence and often precedes price increases.
Using these indicators, we believe that the price of Dogecoin will not drop below the support line. To the contrary, it is likely to begin a slow increase.
It should be noted that we have been predicting price gains for some time, and they have yet to materialize. Thus, we still cannot say when Dogecoin will begin its ascent, but we at BeInCrypto still believe that upward movement is forthcoming.
Possible Reversal
To determine future areas of reversal, we incorporate resistance areas into the analysis.
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The closest resistance area is found near $0.0031 and 59 satoshis. We believe that the price will eventually reach these areas. As stated in the above section, we do not know when the price will rise to this level.
Sponsored SponsoredSummary of Analysis
Based on our analysis, the price of DOGE is likely to increase. We do not know whenDogecoin will begin to see new gains, but we expect prices near over $0.003 and around 60 satoshis to be reached at some point in the future.
Do you think Dogecoin will initiate an upward move? Let us know your thoughts in the comments below!
For long-term price predictions of DOGE/USD, click on the green button below:
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Midnight