SIMETRI Profits of 919%
SIMETRI Profits of 919%
SIMETRI Profits of 919%
SIMETRI Profits of 919%

Dogecoin Price Analysis DOGE / USD: Playing Dead

The doge is trapped in a tight price channel.

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  • Dogecoin has a bearish short-term bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame
  • The four-hour time frame is showing that a bearish head and shoulders pattern is forming
  • The daily time frame is showing that the DOGE / USD pair remains trapped within a descending price channel

Dogecoin / USD Short-term price analysis

Dogecoin has a bearish short-term trading bias, with the DOGE / USD pair trading below its 200-period moving average on the four-hour time frame.

The four-hour time frame shows that a bearish head and shoulders is starting to take shape, pointing to further short-term losses for the DOGE / USD pair.

Technical indicators are bearish on the four-hour time frame and continue to issue a sell signal.

Dogecoin H4 by Trading View
DOGE / USD H4 Chart by TradingView

Pattern Watch

Traders should note that a corrective move higher may occur in order to complete the bearish pattern.

Relative Strength Index

The RSI indicator is bearish on the four-hour time frame and has a downward trading bias.

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MACD Indicator

The MACD indicator on the four-hour time frame is bearish and continues to issue a sell signal.


Dogecoin / USD Medium-term price analysis

Dogecoin has a neutral medium-term outlook, with the cryptocurrency consolidating around its trend defining 200-day moving average.

The daily time frame is showing that the DOGE / USD pair has eroded its recent trading gains and remains trapped within a descending wedge pattern.

Technical indicators across the daily time frame have a slight downward trading bias.

Dogecoin Daily August 1 by Trading View
DOGE / USD Daily Chart by TradingView

Pattern Watch

Traders should note that descending wedge patterns are typically considered to be bullish patterns.

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Relative Strength Index

The RSI indicator is trading below neutral and has a bearish bias on the daily time frame.  

MACD Indicator

The MACD indicator is flatlined on the daily time frame and is failing to generate a clear trading signal.


Conclusion

Dogecoin is likely to see more downside over the short-term if the bearish head and shoulders pattern starts to unfold over the coming trading sessions.

Continued losses in the near-term are likely to prompt an important technical test of trendline support from the falling wedge pattern on the daily time frame.

Check out Dogecoin in our coin guide. 

For a more serious look, our DARE is a great starting point.

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