Price Analysis

Dogecoin (DOGE) Moves in a Narrow Trading Channel

  • Dogecoin forms consecutive lower highs since the onset of 2018, after having hit the all-time high in December 2017
  • Gains support from the 9-day MA, long-term MA remains untouched
  • Dogecoin currently trades around the major support area at $0.00208

It has been six days now since Dogecoin has hit $0.0019 price area. The coin is seen trading around this major support level for a long time in the past as well before falling to the fresh 52-week low.

Dogecoin Price Analysis

Dogecoin News
DOGE/USD Chart By TradingView

Analyzing the weekly movement of Dogecoin against USD on HitBTC, we see that the coin has been forming lower highs cumulatively, since the past year. This year, the coin topped as high as $0.0044, marking as the 3/4th of the previous years’ height. This lower-high pattern seems to narrow down as observed from the current movement and momentum. The same is rightly observed by the RSI of the Dogecoin and will eventually end up with a narrow channel.

The MACD of the DOGE also confirms the cumulative bearishness as it is moving below zero and has an adjacent move with the signal line.

Dogecoin News Price

Analyzing a closer movement of Dogecoin to USD, we see that the coin has maintained a resistance around $0.0019 to $0.0022, while it slid down. Currently, Dogecoin holds sole support from 9-day MA and has negligible supports from the 21-day, 49-day, and 200-day daily moving averages.

The RSI of the coin is currently at 41.06 and shows no extremities at present as it rises from the oversold region.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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