a day ago | Michael Fasogbon
| ⠀Dogecoin price: | $0.0021 |
|---|---|
| ⠀Key DOGE resistance levels: | $0.0023, $0.0027, $0.0030 |
| ⠀Key DOGE support levels: | $0.0020, $0.0018, $0.0016 |
*Price at the time of writing
DOGE Long Term Price Prediction: Bearish
Apart from the September-October correction to $0.00295, the price of Dogecoin has been influenced by a consistent selling in the market for the past six months. More so, the last four weeks of trading have been quite ugly following the steady drop all the way from $0.0027. As of now, DOGE is roaming around $0.0021 over the last 48-hours.
How to buy Dogecoin on Binance
Significantly, the price drop is almost close to the September recovery level of $0.0020. If the buyers can rely upon this level again, we should anticipate a quick gain to $0.0024 and $0.0026 resistance – meeting the six-month regression line (yellow).
Interestingly, the DOGE market is again supported by the RSI 30 level for the past three weeks now – a good indicator of an incoming price increase. The bullish signal would become a reality if the MACD moving averages can crossover from the negative zones.
Should the current bearish trend extend below the $0.0020 support, especially reaching the extremely oversold territories on the RSI indicator; DOGE trading could print a new yearly low at $0.0018-$0.0016 support zones. From a long-term perspective, Dogecoin is considered bearish for now.
DOGE Medium Term Price Prediction: Bearish
The market scenario continues to play out down on the 4-hour chart, but it appeared that volatility is no longer on the bear sides at the moment. For the past four days now, we can see that the market is subdued with choppy price action – indicating a potential change in trend.
Moreover, the DOGE market is slightly resting on the yellow regression line that was drawn since mid-November. The price of Doge could shoot at $0.00235 and $0.0025 resistance if the yellow line can provide support for the market. In fact, the MACD is forming a bullish pattern, most especially poised for a crossover.
Though, the 31st best-performing cryptocurrency is leveled at 45 on the RSI indicator, suggesting an indecisive market. However, DOGE may continue to roll at $0.0020 support if the bears regroup. It would become uglier if the support breaches. Still, the buyers are around the corner.
DOGE Short Term Price Prediction: Bearish
Looking at the short-term market structure, the price volatility is shrinking on a downward range; forming channel pattern since December 7. Despite numerous break attempts, DOGE has held trading tightly in the channel boundary. Considering the December 6 support ($0.0021) that is currently holstering the channel, a bullish continuation could play towards $0.0022 and $0.00224.
On the other hand, the DOGE price may phase out more bearishly if the market collapses beyond the $0.0021. The RSI is currently leveled at 50, suggesting a sideways trend. Conversely, the MACD is now relying on the zero levels following a positive climb. We can expect an upward move shortly, although the reverse may be the case if the sellers stay longer than expected.
Conclusion
So far, the downward move is still pretty significant but an upward move is likely if volumes and volatility favor the buyers base on the current squeeze in the DOGE market. Though, the recent recovery on the 4-hours MACD is a good indicator of a potential rise that may occur in no time.
