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Dogecoin is neutral in the short-term after the recent rally in the pair failed to break above a former key swing-high
DOGE / USD is bearish in the medium-term with price still trading below the neckline of a sizeable head and shoulders pattern
Large amounts of bullish MACD divergence seen on the daily time frame
Dogecoin / USD Short-term price analysis
In the short-term, Dogecoin is neutral due to the pair failing to move above a former key swing-high during its most recent upside rally.
The cryptocurrency is starting to turn lower in the near-term, although price is still above the pair’s 200-period moving average on the four-hour time frame.
Technical indicators on the mentioned time frame are turning lower with further scope to push the DOGE / USD even pair lower.
DOGE / USD H4 Chart (Source: TradingView)
Pattern Watch
The recent rally has created a bullish inverted head and shoulders pattern on the four-hour time frame, which should be monitored closely over the short-term.
MACD Indicator
The MACD indicator is trending lower on the four-hour time frame with a bearish crossover underway.
Relative Strength Index
The RSI indicator has turned bearish, with push bears taking control below the neutral line.
Dogecoin / USD Medium-term price analysis
Dogecoin remains bearish over the medium-term, with buyers unable to move price above the neckline of a large head and shoulders pattern on the daily time frame.
A long-term technical bottom has yet to be confirmed in the cryptocurrency, as price remains relatively close to the pair’s multi-year trading lows, despite the broader market rally.
Interestingly, Dogecoin is showing bullish MACD divergence on the daily time frame from November of last year.
DOGE / USD Daily Chart (Source: TradingView)
Pattern Watch
The bearish head and shoulders pattern is the major theme to watch on the daily time frame.
MACD Indicator
The MACD indicator remains neutral and is currently failing to generate a clear trading signal.
Relative Strength Index
The Relative Strength Index has recently started to recover after an extended period of downward pressure. The indicator is showing that bullish momentum is growing across the daily time frame.
Conclusion
Dogecoin is likely to remain under slight downside pressure over the short-term, while its medium-term outlook is decidedly bearish as buyers continually struggle to stage a rally above the neckline of the head and shoulder pattern.
Some caution is advised in the medium-term, especially if the broader cryptocurrency market continues to trade higher, as Dogecoin shows a sizeable amount of bullish MACD price divergence that has yet to be reversed on the daily time frame.
Dogecoin Chart
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