In the last six months, Dogecoin (DOGE) has lost close to 70 percent of its value and has been on a deeply negative trend, following a steep falling wedge pattern since Sept 2018.
Looking at this trend, DOGE has consistently formed lower lows in its wedge formation and is now trading close to its lowest value of $0.002—a price not seen since Nov 2017.
Currently, the great majority of technical indicators for the DOGE/USD market are concerning, with the RSI maintaining at a healthy 40, indicating the market is not oversold, and that we are yet to see the true bottom of its falling wedge.
DOGE is currently trading 6 percent higher than the same time last month (Feb 2019) and has experienced market volatility in the last 30 days, spiking by more than 10 percent in mid-February. This came just before a flash crash hit on February 24 to wipe out much of its February gains.
Right now, DOGE appears to be trading sideways with a bearish undertone, indicating further losses may lie ahead for the coin. In agreement with this, selling pressure at $0.002 is beginning to outweigh buying pressure, indicating the horizontal trend should be broken with a bearish breakout in the next few days.
From a macro perspective, Dogecoin is roughly following the trend set by Bitcoin (BTC), typically reacting with some lag to significant market movements. Because of this, we expect Dogecoin to continue to move in step with Bitcoin (BTC) , but will likely achieve lower highs during bullish runs, and achieve lower lows during bearish breaks.
Overall, we at BeInCrypto expect Dogecoin (DOGE) will continue this bearish trend for the near future, and will likely continue to sink to lower lows in this period, potentially losing a further 25 percent to reach $0.0015 by the end of June 2019.
Dogecoin is now trading at its lowest value since November 2017, we at BeInCrypto think it still has the potential to fall much lower in 2019, what do you think? Click To Tweet
Dogecoin has been frequently criticized for its lack of development and utility, with very few projects being built with DOGE support, while the previously announced Doge/Ethereum bridge appears to be in jeopardy after losing its main developer.
Doge/Ethereum bridge update (Feb 2019) via /r/dogecoin https://t.co/oWM1njoM8c hot
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