Dogecoin (DOGE) Technical Analysis 2021 for Crypto Traders

Dogecoin (DOGE) Technical Analysis 2021 for Crypto Traders

In Doge Technical Analysis 2021, we use past statistics, price patterns, RSI, and much other information about DOT to analyze the future movement of the cryptocurrency. 

Dogecoin (DOGE) is based on the famous “doge” Internet meme and features a Shiba Inu on its logo. Moreover, the open-source crypto was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and forked from Litecoin in December 2013.

Dogecoin Current Market Status

According to CoinGecko, the Dogecoin (DOGE) price is trading at $0.34 with a 24-hour trading volume of $3,484,078,068, at the time of writing. However, DOGE has decreased by 2.2% in the last 24 hours.

Moreover, DOGE has a circulating supply of 129,776,492,184 DOGE. Currently, DOGE trades in Binance, Huobi Global, OKEx, CoinTiger, and ZG.com. 

Doge Technical Analysis 2021 

The recent development and upgrades might push Dogecoin to reach new heights. Now, let’s deep dive into the Dogecoin technical analysis 2021. 

DOGE holds the 7th position on CoinGecko right now. The monthly time frame chart of Dogecoin (DOGE) is shown below.

DOGE/USDT Price Chart Showing Descending Triangle Pattern (Source: TradingView)

The above chart shows the Descending Triangle pattern of DOGE. This pattern indicates bearish chart pattern, however, this is created by drawing one trend line that connects a series of lower highs and a horizontal second line indicates the series of low. Moreover, a breakdown is possible in this case, and this makes traders enter a short position and aggressively force the price of the asset even lower.

As shown in the above chart between the price level $0.15 and $0.2, it is considered a demand area. At this point, traders can buy the coin at low levels. According to the chart, the downside breakout area is at $0.159, if the DOGE price reaches the particular level, there is a lot of chance to go below that level.

In contrast, the upside breakout area is at $0.376. If the coin reaches this level, there is a huge chance that the price will go beyond this level. Moreover, high volume trade happens on April 12-15, and also on May 17-26.

DOGECOIN (DOGE) RSI, MACD, and MA

The below chart shows the Moving Average Convergence/Divergence (MACD) of DOGE. Notably, the MACD (blue) continues to stay just below the signal indicator (orange line).  This means that cryptocurrency traders can still expect more bullish days ahead.

In contrast, if the MACD begins to move above the signal indicator and performs a bullish crossover. Then the crypto has a high possibility of reaching new highs.

DOGE RSI and MACD (Source: TradingView)

Now let’s look at the relative strength index (RSI) of DOGE. As shown in the chart above, the RSI remains at level 48. This shows that DOGE’s price is in neither oversold nor overbought state. However, this gives confidence for the traders to trade without any fear.

DOGE’s Moving Average (MA) and Exponential Moving Average (EMA) is shown in the chart below. Moreover, MA is a part of technical analysis that helps traders to recognize trends. While EMA is a type of moving average.

DOGE 30-day SMA and 50-day EMA (Source: TradingView)

From the beginning of 2021, it is clear that the DOGE price has shown many bullish patterns. Furthermore, taking all these into account, DOGE could have a competitive market in 2021.

Conclusion

With the ongoing developments and upgrades that are taking place within the DOGE platform. The cryptocurrency DOGE has a fantastic future ahead in this crypto market. However, it is possible to see  DOGE reaching new heights. Bullish DOGE price prediction 2021 is $64. As said above, it may reach great heights, however reaching $100 if investors have decided that DOGE is a good investment in 2021.

FAQ

What is Doge?

Dogecoin is a cryptocurrency developed by software engineers Billy Markus and Jackson Palmer, who plans to develop a payment system as a joke, making fun of the wild speculation in cryptos at the time.

Where can you purchase DOGE?

DOGE is listed on many cryptocurrency exchanges that include Binance, Huobi Global, OKEx, CoinTiger, and ZG.com. In which the crypto is available to be traded against fiat currencies, stablecoins, and other cryptos.

Will DOGE reach a new ATH soon?

With the ongoing developments and upgrades within the DOGE platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.