Dogecoin Cryptocurrency Forecast
Dogecoin cryptocurrency upgraded from Buy Candidate to Strong Buy Candidate after Wednesday trading session.
(Updated on Mar 27, 2024)
The Dogecoin cryptocurrency price gained 2.80% on the last trading day (Wednesday, 27th Mar 2024), rising from $0.180 to $0.185. During the last trading day the cryptocurrency fluctuated 7.41% from a day low at $0.178 to a day high of $0.192. The price has risen in 7 of the last 10 days and is up by 19.83% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 billion more shares were traded than the day before. In total, 4 billion shares were bought and sold for approximately $711.47 million.
The cryptocurrency lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to rise 93.78% during the next 3 months and, with a 90% probability hold a price between $0.272 and $0.397 at the end of this 3-month period.
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DOGEUSD Signals & Forecast
The Dogecoin cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.170 and $0.145. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 19, 2024, and so far it has risen 40.66%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Dogecoin cryptocurrency
Dogecoin finds support from accumulated volume at $0.180 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.0132 between high and low, or 7.41%. For the last week, the cryptocurrency has had daily average volatility of 11.70%.
Our recommended stop-loss: $0.178 (-3.84%) (This cryptocurrency has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (DOGEUSD) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Dogecoin / US Dollar to open at $0.185, and during the day (based on 14 day Average True Range), to move between $0.164 and $0.207, which gives a possible trading interval of +/-$0.0214 (+/-11.53%) up or down from last closing price. If Dogecoin / US Dollar takes out the full calculated possible swing range there will be an estimated 23.05% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.180, some $0.0057 (3.06%) from the current price of $0.185, our system finds the risk reward attractive.
Is Dogecoin / US Dollar cryptocurrency A Buy?
Dogecoin holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.003 Strong Buy Candidate Upgraded
Predicted Opening Price for Dogecoin / US Dollar of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$0.185 ( 0.137%) | $0.185 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DOGEUSD
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.198 | 7.00 % | |
R2 | 0.193 | 4.27 % | ||
R1 | 0.190 | 2.59 % | ||
Current price: | 0.185 | |||
Support | S1 | 0.180 | -2.86 % | |
S2 | 0.177 | -4.54 % | ||
S3 | 0.172 | -7.27 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 0.185 | |||
Support | S1 | 0.180 | -3.06% | |
S2 | 0.160 | -13.50% | ||
S3 | 0.152 | -17.79% |
FAQ
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