Dogecoin, ranked amongst the top thirty coins of the global crypto market, is always embraced as a ‘MEME Coin’. However, contrary to what it is embraced as, DOGE is also known to have a concurrent movement with the leader of the cryptocurrencies—Bitcoin.
While BTC price sunk as low as $7,466 to give a new 90-day low, the price of Dogecoin remained stable around $0.0022 to $0.0024, around the last week of September. Also, important to highlight that irrespective of it creating a trading price range, Dogecoin has been constantly trading around the major resistance level at $0.0029 before notably falling to the current trading price.
Dogecoin Price Prediction:
Looking at the 90-day movement of the coin, we rightly glance that Dogecoin was trading around $0.0033, towards the mid of July. As analyzed, the coin price took a downward directional stride to fall as low as $0.0019, marking a fall of over 42 percent, towards the end of September.
Dogecoin price had notably formed a downward trend in the month of August when the trend line was seen to be broken by the majority of red candles in the said trading duration. The month of September was quite a stable trading month except a downward fall at $0.0019.
However, since then, we observe an upward trendline forming with a candle in a reset mode, which had just touched around $0.0025.
As per the technical indicators are given in the above chart, data feed from Bittrex at 04:45 UTC, after the hump day of the week, we see DOGE trading around the resistance price area at $0.0025.
The MACD indicator is rightly above zero and has created a concurrent point of the signal line and MACD line, which confirms the trading at major resistance.
The RSI of the Dogecoin is at 50, showing no extremities at present. As per the analysis and technical indicators, Dogecoin affirms to be a long-term investment option.