Although the price seems to be stabilized at the moment, it may experience further decline to the ~0.0025 USD line one before bouncing. This is supported by the , which is in an overbought zone. On the other hand, the price it just corrected to the 0.618 level of Fib Retracement and it signals more confidence on the buying side.
On the daily for 50 and 200 days are converging, which may lead to the formation of a golden cross in the near future that would boost the price higher. However, the price is still struggling to go through for 12 days and the EWO is . A major support may be found on for 26 days, which is a current . just entered the oversold zone, but it may be there for a while. Overall the short-to-mid price perspectives for DOGE do not look very promising. Many sad!
Dogecoin Price Prediction for 2019. Is long-term growth possible?
DOGE is a quick player. Looking at its price history we can point out several times when it suddenly reversed with increased trading after a prolonged decline. For instance, that’s how it was in August 2014, Summer of 2015, and Summer of 2017.
It’s been more than a year since Bitcoin and altcoins set their ATH and they have been falling down before this April’s bounce. Along with the market, DOGE is trying to recover, but the technicals and the aren’t yet there to support the trend. To find out whether another big move is coming for Dogecoin, we need to zoom out and take a look at the entire altcoin market’s performance.
Like the traditional market, cryptocurrency one moves through the same boom & bust cycles, except for it does it much faster. There’s no surprise in the fact that phases of each cycle phases are getting longer with the time, as the market becomes bigger, therefore less easy to move. We’ve noticed that after each bubble’s burst the prices in crypto return reset the gains after a so-called ‘dead cat bounce’ before they enter the accumulation phase followed by a new cycle. It’s also worth noting that the last upward trend of 2017 and the beginning of the current one for DOGE has a lot in common. This comes to similarities in and timeframes.
Although timeframes of the crypto bubbles vary, we can make a projection based on the historical data. If we divide the DOGE graph into two parts: August 2014 - May 2015 & December 2018 - February 2019, we can find interesting similarities. After a quick rise within one month in both cases, there was an extended meltdown of the price. Hence, we can imply that the price action for DOGE after this February should resemble that of the period after May 2015.
Now, if our projection is correct, we can apply it to DOGE price history and calculate its price towards the end of 2019 more precisely. Considering that in August 2018 DOGE went as high as ~2.5x from its previous low, we can assume that we should see at least ~2.5x increase by December 2019, which is roughly 0.7 cents. Moreover, around September 2019 the price should establish a new ATH at about 5.5 cents considering the ratios.