Will Dogecoin Price Follow the Trend of 2017?
Dogecoin (DOGE) is widely known and accepted the fact in the crypto circle that the DOGE is a BTC multiplier, hence, increases in its value against the Bitcoin is seen as the onset of a new Cryptocurrency Bull market. The total supply of the coin is $122 Billion coins and the current Market Cap is $263 Million. DOGE has a ranking of 32 as per the CoinMarketCap data.
Fun Fact: On the crypto community request Elon Musk once changed his profile to the CEO of the Dogecoin.
Dogecoin Price Analysis:
Weekly Dogecoin price against USD is hovering around $0.00213, just above a long-term key support which is at $0.0016 denoted by the orange dotted line. In the past DOGE price had bounced from this key support level shown by the green arrow in the below-given chart and one can expect the same if history repeats.
Weekly DOGE prices are below 9 days, 21 days and 49 days SMA (Simple Moving Average) denoted by the blue line, white line and green line respectively in the below-given chart, indicates the prices are under the Bear’s grip. Prices are below the weekly 78.6% Fib level i.e. $0.00244 and currently it’s supported by the key support and may bounce from here.
RSI (Relative Strength Index) is at 40.68 and approaching the support line form where it had bounced more than 4 times in the past.
Daily prices are below the 78.6% Fib level and currently, it’s trying to do S/R (Support/Resistance) flip of this level. 78.6% Fib level also coincides with the 21-day SMA (Simple Moving Average) denoted by the white line. If it fails to do S/R flip here, DOGE Prices may go downward towards the critical support at $0.0016 where Bulls may defend it as a last stand.
Laying Ichimoku Kinko Hyo on the above mentioned 1D chart, the following things can be noted:
Prices are below the Kumo; Bearish.
Chikou Span is below the Kumo and price candles; Bearish.
Price is currently supported by the Tenkan Sen (blue line), next resistance is at the Kijun Sen ($0.0023) and Senkou Span A ($0.0025).
Since the current trading price is supported by the Tenkan Sen, Dogecoin price may bounce and try to push through the resistance represented by the Kijun Sen and Kumo. If the price does a successful S/R flip of Kumo, DOGE prices will start a new uptrend.
Weekly prices of the Dogecoin against the USD are above the key support where we have witnessed it bounced back strongly if history repeats then one can expect the same. If DOGE price fails to bounce from this level, then we can expect it to go down further to $0.0016.