Dogecoin price analysis

DOGE/USD long-term trend: bearish

Key resistance levels: $0.003, $0.004, $0.005

Key support levels: $0.0018, $0.0015, $0.001

Following the long-term decline, DOGE has been trading below $0.003 since the beginning of 2019, and the coin is currently changing hands at around now trading at around $0.00205. As currently revealed on the daily RSI, a swing high is aiming at the 70 line. Reaching the overbought territory could shoot the price to major resistance at $0.003.

Considering the daily Stochastic RSI, the buying pressure is close to the overbought region, reflecting a bullish momentum. Nevertheless, the DOGE chart still shows non-volatile trading and a low trading volume. At the time of writing, DOGE sits in the 26th spot in the crypto rankings with a market cap of $243 million.

In case of a price break above $0.003, the next target resistances are $0.004 and 0.005. However, breaking the February low at $0.0018 could result in a slump to the $0.0015 support and below. As it stands, Doge is yet to signal a bull-run.

DOGE/USD medium-term trend: ranging

In early February, Doge saw a reversal at the $0.0018 level after a strong bearish trend. The coin proceeded to follow an upward zigzag pattern (trending above the green trend line) to the near of $0.0022 before the huge sell-off where the channel lies from. Ever since, the price action has remained within the channel.

Yesterday, Doge saw a surge above the channel to a high at the $0.00218 resistance level, which is currently retracing to the break out point at the $0.002 support area. The 4-hour Stochastic RSI is revealed at the 80 line. More so, a bullish rally is expected to retest $0.00218 resistance level.

Looking at the 4-hour RSI, it appears more positive action is coming as trading is yet to reach the highest level on the indicator. However, a medium-term bullish trend is signal as a result of the breakout. For now, the bulls are gradually gaining control of the market.

DOGE/USD short-term trend: bullish

Since the trend reversal on Monday, Doge has been maintaining a bullish sentiment after breaking out of a strong resistance area (now support) at $0.00205. Looking at the ascending channel, the price action is at the close of the mentioned support, as reflected on the hourly Stochastic RSI.

The hourly RSI indicates a slow incline. An upward direction is likely to send the price to the $0.0022 resistance and above. Similarly, a break-in on the channel could sink the price to the low of the $0.0019 support. Such a scenario would position DOGE in a bearish trend. As for now, the bulls are beginning to gain momentum.

Latest DOGE news

Recently, Dogecoin was listed on US-based cryptocurrency exchange Vertbase. On Vertbase, users can purchase DOGE directly with USD, and the exchange features a non-custodial design, so users can remain in control of their crypto funds at all times.

Buy DOGE