Dogecoin price started this month with a slight increase in value. The same can be said about Basic Attention Token price. However, the price action initiated by both digital assets was followed by a sudden but gradual decrease in value. Now that the price of DOGE decreased as the month moved forward, the question is where will the price go next? Meanwhile, the price of Basic Attention Token has already started its bullish move. Will it continue in this position?
Bitcoin (BTC) Price Today – BTC / USD
Cryptocurrency Market Update: Dogecoin Price is Trading Inside a Triangle
As of May 6, the price of DOGE had reached 45 satoshis which is a high. However, a rapid decrease followed this. This ended on May 13. When the coin reached 35 satoshis. Since that time onwards, DOGE price has been in a symmetrical triangle. As of press time, the DOGE price had began decreasing towards its support line on the triangle. This began after the price of the coin failed in its attempt to breakout on June 7.
A bullish cross came on June 4. A bullish cross typically signifies that an uptrend has started. Afterward, the Dogecoin price increased and attempted a breakout. This, was unsuccessful as well. Now, DOGE price is trading below the MAs. The MACD pattern made a bullish cross as of May 30. The occurrence of double bullish crosses indicates that Dogecoin price will breakout from the symmetrical triangle. However, the recent decrease in the price of Dogecoin makes this very unlikely.
Cryptocurrency Market Update: Dogecoin’s Reversal Positions
If there’s to be a decisive move, then the resistance and support positions can help with a reversal. Resistance areas can be found at 46 satoshis. If Dogecoin price breaks out from its triangle action, this resistance will likely to be the source of a reversal. The nearest support position can be found near 34 satoshis. Dogecoin’s price has been in the triangle action for over a month now. Furthermore, the coin’s increases and decreases in price have been slow. It is approaching the position of convergence between resistance and support.
Hence, it is still possible that the DOGE price will make a decisive action.
Cryptocurrency Market Update: Basic Attention Token Price is Trading Inside a Descending Wedge
As of May 10, BAT price reached 4438 satoshis which was a low point. A rapid upward move started afterwards which took BAT price to 6010 satoshis. The price has been decreasing since that time onwards and trading in a descending wedge.
It appears BAT price broke the wedge as of June 7 although it was not a rapid break, but a slow movement. Following this action, BAT price began to decrease. It has been finding support over the previous resistance patterns of the descending wedge.
Cryptocurrency Market Update: Will the BAT Price Maintain its Bullish Trend?
We have stated above that BAT price, on May 9, reached a low point that marked the start of the descending wedge. During this period, RSI has generated higher values successively. This can be called a bullish divergence because it often happens after price increases. However, the BAT price is trading under the 10 and 20 day MAs. But it’s still close to launching a bullish cross. If this happens, it would support the possibility of BAT price starting an upward movement.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.