At BeInCrypto, we perform technical analysis of some of the most relevant digital assets in order to predict short-term price fluctuations. In our April 24 analysis of Dogecoin, we predicted price losses. Our prediction was validated on Apr 26 when Dogecoin reached the support area we defined. To learn more, read our latest DOGE/USD and DOGE/BTC analysis below (in the case of BTC, we will be measuring the price of DOGE in satoshis where 1 satoshi = 0.00000001 Bitcoin):
On Apr 18, 2019, the price of Dogecoin (DOGE) reached a high of 58 satoshis. It reached a high of $0.00289 on Apr 23.
Since then, it has been decreasing, reaching lows of $0.0024 and 45 satoshis.
Dogecoin (DOGE): Key Trends And Highlights For April 26, 2019
- DOGE/USD reached a high on Apr 23.
- DOGE/BTC reached a high on Apr 19.
- They both have been decreasing since.
- There is bullish divergence developing in the RSI and the MACD.
- There is resistance near $0.0027 and 54 satoshis.
Previous Movement
The price of DOGE/USD is analyzed at two-hour intervals from Apr 21 to Apr 26 using data from HitBTC. This is done in order to trace Dogecoin’s current trading pattern. In order to avoid confusion, we will not be using images of the BTC pair until the summary where the relevant resistance and support areas will be shown in satoshis and dollars.
On Apr 22, the price made a low of $0.00269. A gradual increase was followed by a decrease. The price has made lower lows.
Tracing these lows gives us a descending support line:
The price is not following a visible resistance line.
In order to predict future price movements, we need to take a look at technical indicators.
Technical Indicators
The price of DOGE is analyzed alongside the MACD and the RSI.
The moving average convergence divergence (MACD) is a trend indicator that shows the relationship between two moving averages (long and short-term) and the price. It is used to measure the strength of a move.
The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.
On Apr 24, the price made a low followed by a lower low Apr 26.
The MACD and RSI both made the first low on Apr 24. However, they have continued to generate higher values.
The use of these indicators makes it likely that the price will begin to increase.
Where will it find resistance?
Resistance Areas
Resistance areas are created when the price visits the same level several times. They can provide reversal areas in case a breakout or breakdown occurs.
The closest resistance area is shown for both DOGE/USD and DOGE/BTC:
The closest resistance area is found near $0.0027 and 52 satoshis. We believe that the price will eventually reach this area. However, we are not yet certain when prices will begin rising again.
Summary of Analysis
Based on our analysis, the price of DOGE/USD and DOGE/BTC is likely to increase and reach the resistance area outlined above at an indeterminate point in the possibly near future. It is difficult to assess when the prices will increase because Dogecoin is not currently trading within a recognizable pattern. However, once a reversal is initiated we could expect prices around $0.0027 and over 50 satoshis. When do you think DOGE will begin a reversal? 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.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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