A look at the Weekly chart for Dogecoin shows that price fell right back to the 0.002$ support area formed by previous lows.
Furthermore, the price is very close to the 200-period moving average which is also offering support.
The MACD is falling albeit with diminishing power and could be making a bullish cross. However, the price is facing resistance from the 7,21 and 50 period MAs.
If support breaks, the next area of support is at $0.001, while the closest resistance area is at $0.0035.
A look at the 3-day chart shows a similar picture.
Price has failed to break the 7-period moving average multiple times and is currently right below it.
Price is below all the moving averages. The MACD is positive and going up, albeit with less power.
There is bullish divergence developing in the RSI.
A look at the Daily chart reinforces the findings of the previous two timeframes.
There is significant bullish divergence developing in both the RSI and MACD.
Furthermore, the price has fallen outside of the lower boundaries of the Bollinger bands, a bullish sign.
Short-Term Outlook and Price Prediction
Finally, a look at the 6-hour chart shows that price has been trading in a downward channel resembling a descending wedge.
Furthermore, there is bullish divergence developing.
Price Prediction: In light of these indicators, I believe the price will break out of the wedge during this week, with short-medium term targets at $0.0027.
The first resistance area is outlined in the first chart at around $0.0035.
- Price has retraced to the long-standing support area.
- Indicators are bullish.
- Price is moving in a descending wedge.
Latest Dogecoin News:
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