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.
Will prices continue dropping or will a reversal bring gains back to Dogecoin?
Let’s find out!
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.
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.
These are traced in the graph below:
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?
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.