DOGE Nearly Reaches New All-Time High on DOGE Day

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In Brief
  • DOGE reached an all-time high price on April 16.

  • It has created a double top pattern.

  • DOGE is potentially trading inside an ascending triangle.

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Dogecoin (DOGE) holders are suggesting to acknowledge April 20th by naming it DOGE day. In light of this event, we will take a look at the price movement and attempt to determine where the token is heading next.

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DOGE has failed to reach a new all-time high on its second attempt. Despite this, the bullish structure is still intact.

DOGE Reaches All-Time High

DOGE increased considerably between April 15-16. In about 24 hours, it moved upwards by 254%. This led to an all-time high price of $0.45 on April 16.

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After decreasing, the token began another upward movement. This, however, has been slightly weaker than the previous one. It only reached a high of $0.434. Nevertheless, the daily close of $0.408 was the highest in history.

Currently, it has potentially created a double-top pattern, which is also combined with a bearish divergence in the RSI.

This suggests a rejection will follow, at least in the short-term.

Short-Term DOGE Movement

The shorter-term six-hour chart supports this assessment. Like the daily time frame, there is a pronounced bearish divergence in the two most recent tops. 

Furthermore, the divergence is even present in the MACD, which was not visible in the daily time frame. 

Therefore, a short-term decrease is also supported by the six-hour time frame.

Indicators in the two-hour time-frame are similarly bearish. 

However, there is also a potential ascending triangle in place, which is considered a bullish pattern.

The support line of the triangle is found at $0.31. 

While readings from all time-frames suggest that a short-term drop is expected, DOGE could find support above this ascending support line. 

If it does, the bullish structure would be considered intact. 

As a result, after further consolidation, another upward move would be likely.

Conclusion

To conclude, DOGE is not expected to reach a new all-time high in the current attempt. 

Rather, a decrease towards the support line seems like the most likely option. Afterward, another upward movement could transpire.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate 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.

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