Dogecoin Price Prediction: Will DOGE Break Out of the Triangle?
A look at the Weekly chart for Dogecoin shows that the price has found support above the 200-period MA, inside the support area near $0.002.
Furthermore, it is trading right on the line with a 10-period moving average.
There has been minimal price movement since December 2018. The past two weekly candles have been bearish.
The MACD has made a bullish cross and is moving upward with strength, but is not positive yet.
The RSI is at 41, indicating neither overbought nor oversold conditions.
A look at the 3-day chart shows that the price has been following a descending support line for the past 359 days.
Furthermore, we can see that there has been significant bullish divergence developing in the RSI since Dec 2018.
Also, the MACD is moving upward with strength but is not positive yet.
A look at the daily chart gives us the minor resistance areas near $0.0022 and $0.0029.
The price has made multiple unsuccessful attempts at breaking out above the first resistance area.
The daily chart also gives us the first instance in which the MACD is positive. However, it has made a bearish cross and is falling sharply.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that the price has been following an ascending support line for the past 36 days.
We can also see that the price is trading inside an ascending triangle, which is a bullish pattern.
However, the triangle is developing very slowly.
I believe that during this week the price will consolidate inside the triangle and possibly break out.
- Price is following a descending support line.
- There is medium-term bullish divergence developing.
- Price is trading inside an ascending triangle.
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