A look at the Weekly chart for Dogecoin in logarithmic form shows that price is currently trading at $0.0019 at the bottom/slightly below the support area.
Price is trading below the 7,21,50 period moving averages and the Ichimoku cloud.
However, the price is still above the 200-period MA and it seems like it wants to find support above it.
Furthermore, the MACD is steadying itself, getting ready for a possible bullish cross.
A closer look at the 3-day chart reveals that price is possibly following a descending support line.
Price is facing close resistance from the 7-period MA and is trading below every other MA.
Furthermore, we can see that there is a decreasing volume on the gains of the MACD.
However, there is a significant bullish divergence in the RSI developing since November.
A look at the Daily chart shows that price retraced after failing to break the resistance from the Ichimoku cloud in early December.
Similar to the 3-day chart, the price has developed significant bullish divergence in the RSI.
However, the 7 and 21 period MAs have made a bearish cross, and the 7-period MA is providing close resistance to the price.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that price is following a descending channel, possibly resembling a descending wedge (bullish pattern).
Furthermore, the RSI is below 30, indicating oversold conditions.
Dogecoin Price Prediction:
I believe that price will consolidate in the channel for the next few weeks, not falling below the support area and 200-week MA outlined in the Weekly chart.
In the medium-long term, a move to the 0.003 area of resistance is possible.
- Price is at the bottom of the support area.
- There is a bullish divergence in medium-term timeframes.
- Price is moving in a descending channel.