Dogecoin Price Prediction 2019: Much Wow Is Heading North (May 16th Update)

Mid May Update: Technicals

Dogecoin still has some of its bite strength left! Let’s look at what DOGE has been up to in the recent couple of days:

4H DOGEBTC

The 4h timeframe portrays a nascent bullish reversal – DOGE clearly bottomed out at 34 sats after forming a quadruple bottom before shifting gears and heading back up. It is now sitting at 41 sats and trying to reach the breakout zone of 46 satoshis. The price is gliding along the EMA20 and is about to make a bullish cross with the MA50. The short term key moment is when the price reaches the Fib236 level and MA200 at 46 sats – if it gallops through it, the next stop is at 60 satoshis and Fib50.

If it fails to reach or break the 46 sats, another leg lower to the 34 sats support is on the cards.

Daily DOGEBTC

Another confirmation of the near-term trend reversal is the doji candlestick formation on the daily chart that happened yesterday. Also, volume is picking up while CCI and RSI are both only entering the “normal” range from the oversold areas. The only thing we need now for the Dogecoin rocket to launch is bitcoin to go sideways, at least for couple of days.

http://captainaltcoin.com/

One thing to bear in mind is the turbulent and erratic nature of bitcoin – a sudden thrust up or slide down is always on the cards which would invalidate this and all other analysis and predictions. In such cases, market is shaken up with most traders exiting altcoins and entering bitcoin positions, especially in the initial phases of bitcoin pumps. So it is always good idea to keep a close eye on bitcoin’s behaviour before opening a long or a short on any other coin in the market.

Should this happen, stop by again to check out our updated charts and thoughts.

Trading volume is worrisome – reported volume in…

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