On March 1, 2019, Dogecoin (DOGE) opened at $0.001985. A sharp drop was followed by a gradual increase.
DOGE reached a monthly high of $0.00216 on Mar 16.
A gradual decrease ensued, and the price closed on Mar 31 at $0.002084
Dogecoin’s price increased by just under 5% from March open to close.
It performed better than Ethereum—which only increased by less than 3.25%—and XRP—which decreased by around 2%.
Bitcoin performed slightly better with monthly gains of around 8%. Cardano, Litecoin, and Stellar lumens each performed much better with respective increases of around 65%, 32%, and 27%
Below is a look at the daily prices of Dogecoin throughout March:
Dogecoin (DOGE): Trends and Highlights For March 2019
- The price of DOGE/USD has increased slightly in the month of March.
- A rapid increase ensued on Mar 11.
- Price broke down from an ascending triangle on Mar 18.
- Dogecoin started another upward move on Mar 26.
Important Movement
The price of DOGE on Hitbtc is analyzed at one-day intervals from Mar 1 to Mar 31. Three important movements are isolated:
- Mar 5 – Mar 17: A gradual upward move ends with a breakdown from the then-current trading pattern
- Mar 19 – Mar 24: A period of gradual decrease
- Mar 25 – Mar 30: A rapid increase followed by a drop
Each of these three periods are highlighted in the graph below:
We analyze each of these movements in greater depth in the following sections.
Mar 5-17: Rising Toward a Breakdown
On Mar 11, the price reached a low of $0.001914. A rapid upward move ensued. Dogecoin reached a high of $0.002164 on Mar 16.
From Mar 12 to Mar 18, the price was trading inside an ascending triangle. We analyzed the creation of the triangle and the subsequent breakdown from it in our Mar 18 analysis which can be found here.
The price broke down from the triangle on Mar 18 as can be seen in the graph below:
Mar 19-24: Losses, Losses, and More Losses
After the breakdown, a gradual decrease ensued. The price alternated between sharp increases and decreases.
The downward move ended on Mar 24, when the price reached a low of $0.00201.
Mar 25-30: The Final Upward Move
After the low of Mar 24, the price began a gradual increase. It eventually reached a high of $0.002147 on Mar 30.
Between these two dates, several market cycles have been completed, with each low being higher than the previous one.
Tracing these lows gives us an ascending support line.
The price broke down from the support line on Mar 30 and traded near $0.0021 until the end of March.
Summary of Analysis
In the month of March, the price of DOGE enjoyed slight increases. As Dogecoin entered April, these increased accelerated.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.