Dogecoin(DOGE)/USDT Technical Analysis at a Glance
Dogecoin price nowadays is manifesting the requirement of external impact upon its price to initiate the rally. Else the Dogecoins tend to remain within the same regions hovering below $0.2, with a couple of failed attempts to surge high. Recently, the DOGE price received a notable boost after the Interpreted CEO Elon Musk announced the possibilities of starting the Dogecoin payments for some of the products of Tesla. However, it plunges back to its previous levels in no time.
|Short Term||The Dogecoin forecast manifests a bearish rally with no signs of a flip in the short-term|
|Mid-Term||A slight uptrend could be possible in the coming weeks as the attempt to nullify the bearish divergence may ease in the coming days|
|Long-Term||The price may witness a notable uptrend in the long term and reach the immediate resistance levels.|
Dogecoin(DOGE) Technical Indicators
The Dogecoin price maintained a bullish trend since the beginning of the Q4, however, the price witnessed a bearish trajectory later. The downtrend continues throughout November, despite an attempt of reversal, yet the asset is flowing within a similar trend. However, at the press time, there are no possibilities of a flip or a rebound in the short-term and hence the chopping around the same levels could continue for some more time.
In the short term, the price is hovering around the middle bands of the Bollinger bands, inclining more towards the south. However, in the long term, the price has cemented along the lower bands showing no signs of a flip or surge.
MACD in the long term is a little bullish as a slight buying pressure is building on the platform after undergoing a month-long bearish trend. However, the buying volume is not as high as required for a notable rally and hence the sideway trend could continue until a huge influx of volume is poured in. In the short term, the MACD and signal lines are hovering at the lower levels while the selling pressure keeps on mounting. Therefore the bears continue to take control in the short term also.
Relative Strength Index(RSI)
The RSI recently flipped notably in the past couple of days after following a serious downturn since the beginning of November. However, after the flip, the RSI is yet again preparing to move towards the south. Hence there is no interim relief from the bearish divergence in the long term. The short term also manifests a similar trend as the RSI is visiting lower levels and could flip on hitting these levels. Yet the rally could not be significant as the volume remains notably low.
At the press time, the DOGE price has slid below the crucial support levels at the 200-day MA in the short term, while the 50-day MA resistance levels remain out of reach. In the long term, both the MA levels are above the current price levels and the asset needs to test these levels and be clear to certify a bullish trend.
Dogecoin(DOGE)/USDT Technical Analysis for the Week
The Dogecoin Price ever since the start of December maintained a similar trend and hovered around $0.2 constantly. Further, during a minor crash, the asset plunged to as low as $0.12 and quickly recovered above $0.16. Suddenly, Elon Musk jumps in and uplifts the price yet again above $0.2 but it also remains short-lived. Therefore, the plunge which began then continues until now.
Source: Tradingview Date: 17-12-2021 Time: 04:40pm
- The DOGE price is trending constantly within a descending channel for the past month and continues to do so
- It attempted to break through the trend but it turned out to be a fake-out as the price is on the verge to re-enter the channel.
- The trend appears to be pretty bearish and hence could continue to follow a downtrend until it hits the strong support levels at $0.164
- Further, a quick bounce may be expected, however, the intensity of the uptrend would be depending on the trading volume then
Additional Read: DogeCoin Price Prediction
Dogecoin(DOGE)/USDT Technical Analysis for Today: 17 December 2021
Dogecoin price initiated with the previous day’s trade on a bullish note yet as time passed the price quickly fell prey to the bears. And since then the price continues to deplete at the press time too. DOGE price today is around $0.1716 with a drop of 4.25% in the last 24 hours. However, the volume remained declined by about 53% recording less than a billion in volume.
Where to buy Dogecoin(DOGE)
Dogecoin price received immense attention since the beginning of 2021, as it began the year’s bull rally with more than 1000% jump in just 4 to 5 days. And quickly most of the exchanges fearing FOMO listed the asset within no time. If you want to invest in this popular meme token, yet try to find a reliable platform.
CoinDCX is India’s most trusted cryptocurrency exchange offering a wide variety of crypto assets to deal with. The trades here are hassle-free and the transaction fees are affordable too. So wasting no time, just download CoinDCX mobile app and register following very few simple steps.
Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.