Dogecoin (DOGE/USD) Market Could Face a Downtrend Consolidation
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Dogecoin Price Prediction – May 1
The DOGE/USD market could face a downtrend consolidation around the $0.080 baseline, formerly serving as an upper trading spot. The price has achieved a high-trading line of $0.0802 to trade around $0.0790, keeping a minute negative percentage rate of 0.63. Even though the situation is backing the possibility of witnessing more decreases, placing short orders at this time should be wary of.
DOGE/USD Market
Key Levels:
Resistance levels: $0.10, $0.11, $0.12
Support levels: $0.075, $0.070, $0.065
DOGE/USD – Daily Chart
The DOGE/USD daily chart reveals the crypto-economic market could face a downtrend consolidation movement following a bearish candlestick that formed beneath the bigger SMA trend line yesterday. The 14-day SMA indicator is at $0.0819, somewhat trying to bend southward toward the $0.0814 line of the 50-day SMA indicator. The Stochastic Oscillators have swung southbound into the oversold region, indicating a slight shift back to the downside from 19.76 to 17.27.
What might traders do if the DOGE/USD market’s SMAs intersect downwardly?
Traders in the DOGE/USD market will exercise patience when a decline interception occurs between the SMA trend lines, given the crypto economy could face a downtrend consolidation force around the $0.080 level. In the light of awaiting that presumption to happen, a long-holding of positions around the point for days closely running into a week may potentially cause a prolongation in ranging sessions or a session as the case may be afterward.
On the downside of the DOGE/USD technical analysis, sellers may use a lower time of either a 1-hour or 4-hour chart to decide a shorting entry when the price tends to succumb to a further fall-off motion below the trend lines of the SMAs. They should also be mindful that the devaluation path will not pass the lower support zone of $0.070, regardless of how the volatility declines or tends to be.
DOGE/BTC Price Analysis
In comparison, Dogecocoin’s trending weight against Bitcoin is still relatively under a depression coupling with a short line of light-recovery signs below the SMA trend lines. The pairing crypto market operation faces a lowly downtrend consolidation movement in lower range-bound zones. The 14-day SMA is below the 50-day SMA with a space separating them. The Stochastic Oscillators have crossed northbound from a zero point to 15.19 and 18.96 levels. Bears should be cautious of pushing more, at this point, in this duo crypto economy.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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