In December 2017, the Dogecoin price began a rapid upward movement. It reached highs of 110 satoshis before the end of the year.
Since then, it has been decreasing. It found support several times near the 35 satoshi area. From there, it began another upward move in September 2018 which again took it above 100 satoshis.
However, the ensuing decrease caused the DOGE price to break down below the aforementioned support area.
At the time of writing, it was trading close to 30 satoshis.
Where will the Dogecoin price go next? Keep reading in order to find out.
For video analysis, click below:
Dogecoin Price: Trends and Highlights for June 25
- The DOGE price recently broke down from a significant support area.
- The long-term moving averages give a bearish outlook
- There is support around 20 satoshis.
DOGE Price Moving Averages
Furthermore, the 100-period MA is very close to crossing below the 200-period one. If that occurs, it could be a sign that a long-term downtrend is beginning. Combined with the breakdown from the support area, the MAs indicate that it is likely that the price will continue to decrease.
Reversal Areas
One resistance and one support area are traced for DOGE below:
The closest support area is found near 20 satoshis. According to our analysis, it is likely that the Dogecoin price will eventually reach this level. If it does, it is likely to provide a reversal by initiating an upward move.
Summary
The price of DOGE has been decreasing since September 2018. It recently broke down from a major support area near 30 satoshis. The moving averages paint a bearish picture. According to our analysis, it is likely that the Dogecoin price will continue to decrease until it reaches the support area outlined above.
What do you think about the Dogecoin price? 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.
Images are courtesy of Shutterstock, TradingView.
