The Dogecoin (DOGE) price has lowered since hitting its all-time record but bounced again recently. The cryptocurrency is expected by many to keep increasing and eventually reach another all-time high.

Between April 15-16, DOGE increased by 250%, putting it at a record of $0.45. However, the price then fell soon afterwards.

The decrease kept going until April 23, ending at a low of $0.169. After this, DOGE formed a hammer candlestick with a big lower wick—which is said to be a good sign of buying pressure. The price has been trending upwards since and technical indicators are bullish.

Trader @Altstreetbet showed a DOGE chart, saying that the next increase will likely take the cryptocurrency to a new high of over $0.55. If the A-B-C structure happens, then DOGE will start an impulsive move upwards afterwards.

The movement for DOGE/BTC looks close to DOGE/USD, with the one distinction being that the correction was an irregular flat.

If the two keep going up, the next resistance could be at 982 satoshis. This number is derived by using the 1.61 external Fib retracement from the recent lower movement.

DOGE has possibly started a new bullish move and might increase toward another all-time high.

Author: Steven Sinclaire

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