Bitcoin
BTC$16 874.70

3.65%

Ethereum
ETH$1 266.25

6.98%

Tether
USDT$0.999728

0.01%

Binance Coin
BNB$296.30

-0.06%

USD Coin
USDC$0.999939

-0.03%

Binance USD
BUSD$1.000196

0.03%

Dogecoin (DOGE) On the Watch for the Bulls


May 2020

Many perhaps wonder how a meme cryptocurrency could survive at least two notorious market crashes and still maintain the all-time return on investment of 350%. It comes to show that even the underdog, no pun intended, in the crypto space can put up great results and outperform the hyped-up cryptocurrencies with the ‘disruptive technologies that will make the world a better place.’

And when it comes to trading, DOGE is as good a cryptocurrency as any since it has been holding strong for the entire year, losing only 5% of its value from the beginning of 2019. Moreover, the Shiba Inu coin has already performed a full recovery after the so-called coronavirus crash while the neighboring currencies, such as Basic Attention Token (BAT), are still struggling to obtain that feat.

However, it doesn’t mean that the bright future lies ahead of Dogecoin because it remains buried deep in the downtrend. With no real fundamental improvements in sight for DOGE, it could only rely on Bitcoin to pump hard after the halving, and drag the rest of the market to the upside, too. But that presumption is a bit far-fetched, given the current condition on both traditional and cryptocurrency markets, which remain heavily dependent on the developments around the coronavirus pandemic.

DOGE gets a whiff of the bulls


The daily chart reveals that Dogecoin didn’t waste any time to recuperate after the massive dump. It must be said that DOGE had lost only 45% of its value during that time, whereas many other higher-ranked coins degraded by 60% or more - that’s one sturdy meme cryptocurrency here.

1-day DOGE/USDT chart

DOGE began climbing to the upside right off the bat, with no large swings, just moving in tranquility within the ascending channel. The real price action kicked in on April 22, when the hype around Bitcoin halving started gaining momentum, and the global outlook with regard to the COVID-19 pandemic became more or less optimistic. Right at that time, Dogecoin had a protracted dash to the upside that was stopped by the bears at the interim resistance level at $0.0025, the currency’s actual price at the time of writing.

The fact that the price stalled means that traders are most likely to witness the formation of the bullish flag, a continuation pattern which, if appropriately resolved to the upside, means that the price of DOGE could make an even faster sprint to the general downtrend resistance at $0.0033.

But before that, it could retrace to $0.0023, or to the middle line of Bollinger Bands, that would constitute a healthy development.

Also, note how massive has been the buying volume in the period from April 20 until now, and it has been on the rise, which signifies that there is something bullishly-flavored brewing in this market.

All in all, we expect that Dogecoin will retrace to the aforementioned price level and then enjoy the 33% price appreciation over the coming month. Upon that, there could be a prolonged period of consolidation before the attempt at the secondary downtrend resistance.

1-week DOGE/BTC chart

When it comes to the price action against Bitcoin, Dogecoin has literally nothing to hope for - the price has been in the downtrend for years, and with halving approaching, the only way for DOGE to go is southwards.

Author: Alex Paulson for Crypto-Rating.com

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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 59.2% 81 $16 874.70 3.65% 1.89% $324 337 050 706 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 79 $1 266.25 6.98% 8.69% $154 955 601 290 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999728 0.01% 0.07% $65 344 934 206 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 65 $296.30 -0.06% 8.15% $47 398 738 411 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.999939 -0.03% -0.04% $43 268 973 600 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000196 0.03% -0.09% $22 374 674 909 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 66% 66 $0.401945 4.59% 6.55% $20 213 805 129 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 57.2% 85 $0.106316 5.04% 30.08% $14 104 970 590 DOGE 7 days price change
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10 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.8% 72 $0.859004 3.26% -0.55% $7 502 809 463 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 65.6% 67 $5.39 4.32% -0.09% $6 145 246 302 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 91.2% 1 $0.999629 -0.07% -0.19% $5 639 262 730 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66% 74 $78.44 3.69% -3.79% $5 626 037 116 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 66.4% 66 $0.053898 1.37% 5.61% $5 480 160 672 WTRX 7 days price change

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