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Dogecoin Price Analysis – DOGE Bounceback is Very Likely

Dogecoin price:$0.0025
Key DOGE resistance levels:$0.0027, $0.0030, $0.0032
Key DOGE support levels:$0.0023, $0.00021, $0.0019

*Price at the time of writing


 DOGE price long-term trend: Bearish

Over the last month, most altcoins have been facing serious bearish action as prices saw major corrections. Meanwhile, the August sell-off has made Dogecoin DOGE, -1.35% plunge below the ascending trend line (yellow), which has been acting as a pennant support line since April.

Dogecoin is still trading below $0.0030 – the coin is currently changing hands at $0.0025. DOGE is down by 1.50% in the last 24 hours, a reflection of the subdued market activity in the past 24 hours. In case of a further price drop, the $0.0023, $0.0021 and $0.0019 levels should be looked at for potential support.

On the other hand, a heavy price push may cause a retracement to the $0.0027 and $0.0030 resistances, testing the yellow line before considering a break to $0.0032 and above. As it appears now, the DOGE market is under strong bearish control.

Upon that, the Stochastic RSI is turning back in a downward direction, suggesting a continuation of the trend. Dogecoin also looks bearish on the RSI indicator, confirming that the sellers have stepped back in the market. Therefore, it is probably wise to maintain a sell position until the bears lose momentum.

DOGE price medium-term trend: Bearish

The 4-hour chart for Dogecoin presents a bigger picture of the bearish trend as the price action moves within a descending channel pattern for the past three weeks. The DOGE price was rejected at $0.0026 after a 7-day retracement to the channel’s upper boundary. Now, the market is looking for key support levels.

However, the $0.0024 and $0.0023 price points may provide support for the market towards the lower boundary of the channel. Meanwhile, a bullish swing will retest the $0.0026 resistance. A Further rise above the channel may fuel a bull-run to $0.0027, $0.0028 and above.

Taking a look at the RSI indicator, the DOGE market is falling back to the 30 level. We can expect a rebound if the previously mentioned support level can hold well against selling pressure. The Stochastic RSI revealed that the market is in a downward range – a sign of bearish pressure in the market.

DOGE price short-term trend: Bullish

Following the past 7 days of price variation, Dogecoin coin is reflected in an upward movement, forming a short-term ascending channel pattern. As we can see, the market is currently testing the lower boundary after a decent retracement. A bounce-back is likely to hit the $0.00255, $0.0026 and $0.00265 resistances.

While hovering at around $0.0025, a significant breach may bring the market below the channel pattern, testing near supports at the $0.00245, $0.0024 and $0.00235 levels. Nevertheless, the DOGE trading remains intact in a bullish range at the moment.

As revealed on the RSI, the price has continued to maintain a downward direction after leaving the overbought zone on September 2. The Stochastic RSI oscillator has dropped below the 50 level – a further price reduction may bring the coin into the oversold territory, causing a bearish continuation for the DOGE market.

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Dogecoin Price Prediction and Analysis in December 2019

Today, we will be looking at some of the historical prices and market opinions of the DOGE crypto, so we can formulate a Dogecoin price prediction for December 2019.

Dogecoin Overview

Dogecoin is the crypto community’s favorite meme coin. It was launched in 2013, resulting from a Litecoin fork. Even if the initial purpose of DOGE was to be a joke coin, the crypto attracted a lot of attention from the community.

The coin took inspiration from the Doge Internet meme, which features the Shiba Inu dog, to take a more fun approach to cryptocurrency.

Image result for dogecoin
Source:cryptopolitan

Dogecoin was based using the code of Litecoin, a crypto which was forked from Bitcoin.

  • Currently, Dogecoin (DOGE) has a trading price of $0,002160, with an increase in price for today of 0,27%. The coin is currently ranked 31st according to a market cap of $264.568.298, with 479.587.462 DOGE in circulation.
  • The 24-hour price volume shows that $59.148.981 has been traded within that period.

Dogecoin Price Prediction: Analysis

DOGE began December with a price of $0,002320 after going through a bearish streak towards the end of November. Until December 11th, Dogecoin was relatively stable, trading between $0.0022 and $0.0025 levels.

On December 12th, Dogecoin went below the $0.022 mark, opening at $0,002185 and maintained stability throughout the day. December 13th and December 14th saw DOGE testing the $0.022 resistance levels but ultimately fell back and traded within the $0.0021 range.

December 15th opened at $0,002171, with no major fluctuations being recorded that day. Today, December 16th, DOGE is trading at $0,002160, with a minor increase of 0,27% over the last 24 hours.

From the weekly charts, we can notice that Dogecoin has been fluctuating near $0.00213, which is just below the second support level of $0.00215.

DOGE Price Analysis

DOGE price has managed in the past to recover from this key support level, but we cannot know if history will repeat itself in the last month of 2019.

DOGE News

Weekly, DOGE values are under the 9 days, 21 days and 49 days SMA (Simple Moving Average), indicating that the prices are currently going through a bearish phase.The weekly prices of Dogecoin against USD are above the key support levels, where it has previously seen a strong recovery in the past. The current price of DOGE is trading slightly above the first support level of $0.00216.

Dogecoin News Price

These are the resistance, support, and pivot levels:

Resistance Level (R3): 0.00223
Resistance Level (R2): 0.00222
Resistance Level (R1): 0.00220
Pivot Point: 0.00218
Support Level (S1): 0.00216
Support Level (S2): 0.00215
Support Level (S3): 0.00213

Developments

DOGE has not made any developments or technical updates in the past five years, as it lacks the support of a dedicated support team.

The founder of the project, Jackson Palmer, severed its ties with Dogecoin in 201 5due to the “toxic community” surrounding DOGE, which was mainly preoccupied with pumping the price of the coin and deceive investors. Palmer was against using the coin as a potential to get rich quick schemes, and he wanted Dogecoin users to stay true to the original fun concept of DOGE.

DOGE coin

DOGE does not have a total supply number, meaning that the currency is prone to inflation, unlike other coins that are planned to have a limited supply.

While many other altcoins are not capped, such as Ethereum, they do not have the massive circulating supply of DOGE, which already counts more than 100 billion.

As the market is flooded with Dogecoin, this could generate a decrease in price or stagnation from whale-like holders.

On its Github page, there are 13,440 commits, with 424 contributors, with the recent releases dating from 5 months ago. Dogecoin core developers, Ross Nicoll and Max Keller, have shared that there will be major developments taking place in the Doge ecosystem, announcing an upcoming update to version 1.17, which will bring Doge up to date with  Bitcoin Core 0.17.2.

The much-anticipated Doge/Ethereum bridge is still being developed, by a completely separate team, but no final date of completion has been revealed so far.

Dogecoin Price Prediction: Market Opinion for December 2019

Several crypto sites have made their own Dogecoin price prediction for December, so we decided to include a few of them to better reflect the market sentiment.

Cryptoground

Cryptoground predicted that in one week, the price of Dogecoin will be at around $0.0025, with an increase of 17.09%, and the site also forecasted that Doge will have in one month a price of $0.0024, with an increase of 14.49%.

CoinPredictor

Coinpredictor projected that by the end of 2019 to the beginning of 2020, Dogecoin will be changing hands at a price of $0.002961.

WalletInvestor

According to WalletInvestor, Dogecoin is expected to be trading at around $0.00263 by the end of 2019.

Theoofy

Theoofy has made a very optimistic Dogecoin price prediction for December 2019, believing the coin might reach the $0.01470 level.

Beincrypto

Beincrypto forecasted that Doge will have a price of $0.0022 at the end of 2019.

Digitalcoinprice

Digitalcoinprice believes that in December 2019, DOGE will be trading at $0.00399455, which signifies an increase of  85.15%.

Govcapital

Govcapital thinks that Dogecoin will be trading at around $0.00363 by the end of 2019.

Altcoinforecast

Altcoinforecast predicted that on 31 December, Dogecoin will be trading at $0.00028.

Dogecoin Price Prediction: Verdict

The Dogecoin price predictions for December 2019 are not very outlandish, as most investors are very reserved when it comes to this coin.

Even though the development team has announced some updates in the near future, they will have to do much more in order to drive adoption. Without a more ample roadmap in terms of technical developments, Dogecoin’s fluctuations will be mostly due to various forms of market manipulation.

In order for the predictions that the crypto would reach $1 this year to come true, it would require the coin reach a market capitalization of $121 billion, which is almost the total valuation of Bitcoin.

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Dogecoin Trades with Moderate Selling Pressure; Gains Support from Short-term MAs

  • Dogecoin trades around $0.0022 price area; gains support from the short-term moving averages
  • Dogecoin price takes a swift downturn trading from $0.0028 to falling at $0.0020 in a 30-day time frame
  • Currently, the currency trades with a 10% growth when compared to the lowest in the said time frame

Dogecoin (DOGE) on HitBTC started the previous month trading with a slight glimpse of an uptrend. However, unable to hold it hit rock bottom after soaring to a height of 30-day high at $0.0028. Currently, it holds grounded support from the short-term moving averages with ultimate selling pressure.

Dogecoin Price Analysis:

DOGE/USD Price Chart
Dogecoin Price Chart By TradingView

Analyzing the 30-day movement of DOGE/USD, we see that the coin is currently trading at $0.002239, holding slight support from 5-day SMA and 10-day SMA and EMA. In the third trading week, the coin had quite a rapid fall due to inactive supports wherein even BTC price hit rock bottom around $6,600. After having dipped by over 2% from the respective highest and lowest in the discussed time frame, the coin is trading better but holds an inclination towards the lower price range.

Dogecoin holds a moderately bearish outlook at present, but a rapid movement above $0.0024 is a strong requirement for the coin to trade persistently above $0.0025 and $0.0027. This also corresponds to a trade beyond daily 100-day EMA and 50-day SMA followed by 200-day EMA.

Technical Indicators:

The MACD of Dogecoin is running below zero at press time and holds a slightly bearish outlook.

While the RSI of the coin is at 41.13 and holds no extremities at present neither towards the overbought nor oversold region.

However, a strong move above the average price or $0.0025 price area will eliminate the solid selling pressure.

Source: cryptonewsz

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Dogecoin’s Downside Movement Remains Intact Despite Recent Price Recovery

Dogecoin (DOGE) price movement was spotted taking a deep dig yesterday. The coin dropped below the 30-day low and marked a low new one. However, Dogecoin’s price trend is marked improvement. There is a tight movement observed over $0.0022. The traders are eagerly waiting for an early upsurge. The same could take place if DOGE price maintains the momentum. As per yesterday’s statistics, the price was seen touching a high at $0.002369 and a low at $0.002128.

Dogecoin Price Prediction

Dogecoin is reflecting heavy price movement during yesterday. However, today, the currency is trading around $0.0022 mark. Yesterday, Dogecoin started at $0.00227812. The market pressure brought the coin to $0.002096 by 7.95%. Further, the price of DOGE escalated to $0.00235824 by 12.42%. Later the currency fell and touched $0.00224 by 6%. The day closed at $0.00228. The intraday movement in the coin brought a 0.52% progression. Today, Dogecoin started with a slight fall of 4%. The price counters moved from $0.002302 to $0.002209. The DOGE price escalated to $0.002348 by 6.30%. Recently, the price fell to $0.0022104 of 5.93%.

Dogecoin Price
DOGE Price Chart By TradingView

Dogecoin price is currently at $0.00222797. The price was escalating at the beginning of the day and reached to $0.0023. The currency couldn’t touch the immediate resistance level and fell. Now, the coin is moving towards the immediate support level at $0.00215. Dogecoin is speculated to give flourishing results in the coming days. The traders are suggested to go for long-term investment. The same would give the desired result for the traders.

Resistance LevelPrice
R1$0.002394
R2$0.002502
R3$0.002635
Support LevelPrice
S1$0.002153
S2$0.00202
S3$0.001912

Source: ambcrypto

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