Since the beginning of the year, Dogecoin (DOGE) managed to reach a record all-time high price, which was $0.086. This peak was reached towards the end of the first week of February, however, this seemed to be their last bit of success as DOGE has been rejected at this very level and has been experiencing a downward movement ever since.
Support seems to be the future for DOGE after much success
After experiencing the high price of $0.086, which was once again their all-time high, Dogecoin has since dropped down to an amount of $0.041, which is a local low for them. This shocking change and drop in price happened just a little over two weeks after their all-time high, with the drop occurring between February 7th and February 23rd. This is very troublesome for the peer-to-peer digital currency, as the support area level is categorized as $0.045, just below what DOGE is currently at.
Still, although they are at the support level, the open-source currency known as Dogecoin has managed to not experience any significant changes, and nearly all the technical indicators have remained neutral. From an observation point of view, this is a bit worrisome mainly because it is now difficult to confirm which direction this trend is heading in, and so it is problematic to ascertain whether Dogecoin is going to be around for a long time or if it is simply just something that will fade into obscurity sooner rather than later.
Future movements and Dogecoin’s relation to Bitcoin
While it is true that both MACD, as well as RSI support the inherent potential for a breakout possibility, we have yet to see one actually occur. Moreover, should a breakout happen, Dogecoin is expected to experience an upwards movement, with speculation indicating a high resistance area (perhaps even an all-time high) at $0.08.
Furthermore, in terms of their relation to Bitcoin, the pair can be seen to be trading currently at a level just under resistance. However, there has been some debate as to whether the Bitcoin/Dogecoin trend is bullish, and this is largely dependent on the trading price remaining above 100 satoshis.