Exclusive Dogecoin (DOGE) Bounces, Aims for New All-Time High

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In Brief
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The Dogecoin (DOGE) price has been decreasing since reaching its all-time high but bounced sharply on April 23.

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Dogecoin is expected to continue increasing and eventually reach a new all-time high price.

DOGE drops after all-time high

Between April 15-16, DOGE increased by slightly more than 250%, leading to an all-time high price of $0.45 on April 16. However, the price dropped sharply afterwards.

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The decrease continued until April 23, culminating in a local low of $0.169. Following this, DOGE created a hammer candlestick with a very long lower wick—a strong sign of buying pressure. Since then, the price has been moving upwards.

Technical indicators are still bullish. The MACD and RSI are increasing. While the Stochastic oscillator is neutral, it has yet to make a bearish cross.

DOGE Chart by TradingView

Wave count

Cryptocurrency trader @Altstreetbet outlined a DOGE chart, stating that the next wave is likely to take the token to a new all-time high price above $0.55.

Source: Twitter

The wave count does indeed show a completed A-B-C structure. If correct, DOGE will begin an impulsive upward movement afterwards.

If we use an external Fib retracement on the entire decrease, the closest resistance area would be found at $0.621.

A decrease below the April 24 low of $0.222 (red line) would invalidate this particular wave count.

DOGE Chart by TradingView

DOGE/BTC

The movement for DOGE/BTC looks similar to its USD counterpart, with the only distinction being that the correction was an irregular flat.

If the pair continues increasing, the next resistance would likely be found at 982 satoshis. This target is found using the 1.61 external Fib retracement of the most recent downward movement.

DOGE/BTC Chart by TradingView

Conclusion

DOGE has likely begun a new bullish impulse and could increase toward a new all-time high price. This seems to be the case for both the BTC and USD pairs.

For BeInCrypto’s previous 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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