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Dogecoin Price Prediction: Doge Is at the Bottom of the Support Range, Will It Continue Its Fall or Move Upward?

Long-Term Outlook

Dogecoin (DOGE) Weekly Logarithmic Chart – Source: Tradingview.com

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.

Medium-Term Outlook

Dogecoin (DOGE) 3-Day Chart – Source: Tradingview.com

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.

Dogecoin Daily Chart – Source: Tradingview.com

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

Dogecoin 6-Hour Chart – Source: Tradingview.com

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.

Conclusions:

  • 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.

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