At BeInCrypto, we offer regular price analyses of DOGE and other cryptocurrencies. Today, we are beginning a new series of monthly price analyses for several cryptocurrencies including Dogecoin.
Dogecoin (DOGE): Trends and Highlights For March 2019
- The price of DOGE/USD has increased slightly in the month of March.
- A rapid increase ensued on Mar 11.
- Price broke down from an ascending triangle on Mar 18.
- Dogecoin started another upward move on Mar 26.
Important MovementThe price of DOGE on Hitbtc is analyzed at one-day intervals from Mar 1 to Mar 31. Three important movements are isolated:
- Mar 5 – Mar 17: A gradual upward move ends with a breakdown from the then-current trading pattern
- Mar 19 – Mar 24: A period of gradual decrease
- Mar 25 – Mar 30: A rapid increase followed by a drop
Mar 5-17: Rising Toward a BreakdownOn Mar 11, the price reached a low of $0.001914. A rapid upward move ensued. Dogecoin reached a high of $0.002164 on Mar 16. We analyzed the beginning of this upward move in our Mar 13 analysis which can be found here. From Mar 12 to Mar 18, the price was trading inside an ascending triangle. We analyzed the creation of the triangle and the subsequent breakdown from it in our Mar 18 analysis which can be found here. The price broke down from the triangle on Mar 18 as can be seen in the graph below:
Mar 19-24: Losses, Losses, and More LossesAfter the breakdown, a gradual decrease ensued. The price alternated between sharp increases and decreases. The downward move ended on Mar 24, when the price reached a low of $0.00201.
Mar 25-30: The Final Upward MoveAfter the low of Mar 24, the price began a gradual increase. It eventually reached a high of $0.002147 on Mar 30. Between these two dates, several market cycles have been completed, with each low being higher than the previous one. Tracing these lows gives us an ascending support line. The price broke down from the support line on Mar 30 and traded near $0.0021 until the end of March.
Summary of AnalysisIn the month of March, the price of DOGE enjoyed slight increases. As Dogecoin entered April, these increased accelerated. How much do you think the price of DOGE will increase in April? Let us know your thoughts in the comments 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.
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.