2018-12-27 17:39 |
Dogecoin Logarithmic Weekly Chart – Source: Tradingview.com
A look at the Weekly chart for Dogecoin in logarithmic form shows that price fell to the main support area at $0.002 for the third time.
If this area does not hold, the next support area will be at $0.0007-$0.0001
Long-Term Outlook Dogecoin Weekly Chart – Source: Tradingview.comA look at the indicators on the Dogecoin weekly chart shows that price is finding support at the 200-period moving average, but the 7 and 21 period moving averages are making a bearish cross (yellow arrow).
The RSI is at 40 indicating neither overbought nor oversold conditions, and the MACD is falling with decreasing volume.
Medium-Term Outlook Dogecoin 3-Day Chart – Source: Tradingview.comFurthermore, a look at the 3-day chart shows a small amount of bullish divergence in the RSI.
However, the price is facing resistance from the 7, 21, 50 and 200 period moving averages, with multiple bearish crosses between them and the 200-period MA close to occurring.
Short-Term Outlook Dogecoin Daily Chart – Source: Tradingview.comA look at the Daily chart shows that the 7 and 21 period moving averages are close to making a bullish cross and price seems to have found support at the 7-period MA, which previously acted as resistance.
The RSI is not past 70 yet, which would indicate overbought conditions.
Dogecoin 6-Hour Chart – Source: Tradingview.comA look at the 6-hour chart shows that price broke above the cloud with substantial volume and that there is a significant bearish divergence in the RSI.
The projected cloud is positive for the first time in more than six months.
Conclusions: The price fell to the support area for the third time. Slight long-term bullish divergence. Short-term indicators are bearish. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Dogecoin [DOGE]: Price Hit Support for the Third Time, What Now? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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