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Dogecoin Price Analysis: When will DOGE/BTC Downtrend End?

Image by Gerd Altmann from Pixabay, Edited By Thecoinrepublic

Current Status of Dogecoin (DOGE): Currently, the currency is trading at the value of $0.002416 and its value is decreasing by 1.73%. The BTC value of the DOGE is at 0.00000024 BTC (or 24 Satoshi) and its value is currently increasing by 0.08%. The market capitalization of the currency is $292,716,741 and the 24-hour volume of the currency is $30,815,941.

On 4th April 2019, the currency’s Bitcoin price achieved a high value of 85 satoshis. Unfortunately, due to the rapid drop, the price is trading downtrend line since then. Experts are worried that when will this downtrend will stop or they are thinking is there any reversal. DOGE/BTC is trading in a decreasing resistance line and the main supports of the currency is at 22 and 16 satoshis. The weekly MACD of the currency formed a bullish move and regular bullish divergence has created in both RSI and MACD. The main resistance lies at the value of 35 satoshis.

Weekly Chart: If we look at the weekly-chart then will see the currency is trading around it’s lowest levels values since the time of December 2017. The two main support levels are 22 satoshis (minor) and at 16 satoshis (major). Currency is currently trading at first region of the support level. Are there any chances of reversal initiation?

The History of Reversal: If we look at the weekly charts’ MACD then we can see some chances of reversal in the value of DOGE. In April 2019, the reversal in the value of DOGE started a sudden increasing movement and the value increased by 60% (average) in a week. On the other hand, RSI is in the overbought region and there is no sign of creation of any divergence.

Daily Chart: If we look at the daily chart of the Dogecoin, there is a succession of decreasing resistance line since 30th May. The price is trading very close with the line, also RSI and MACD have been forming bullish divergence. The divergence is present for a long time but it is unable to make any successful increasing movement.

Dogecoin Price Analysis: One of the resistance regions of the Dogecoin is outlined and the value could decrease up to the value of 16 satoshis, which is a major support level. Then the value of the currency is possibly breakout and achieves the value of 34, which is the resistance region. On the other hand, Dogecoin is likely to go bullish and reach the resistance region and not even reach the support area, because of the lack of the interesting currently in the market.

The currency is currently trading in the minor support area and also it is trading along with a descending line of resistance. As per the analysts, the value of the currency will possibly break out overhead the decreasing resistance line. But it could also move to break down toward the value of 16 satoshis which is a major support region. According to experts, traders can invest in long-term and short-term investments might be risky.

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About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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