September 22, 2017

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Dogecoin Price Technical Analysis – Buyers in Control?



Key Highlights

  • Dogecoin price surged higher after breaking a couple of important resistance area, as anticipated in one of our previous week’s posts.
  • The price traded towards the last swing high of 58.4 Satoshis, which prevented any further gains.

Dogecoin price climbed higher and tested our long-awaited target of a buy call, and looks set for a correction moving ahead.

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A correction underway?

The Dogecoin price rocketed higher recently and cleared a couple of important resistance levels, including a bearish trend line on the hourly chart and the 38.2% Fib retracement level of the last drop from 58.4 Satoshis to 52.6 Satoshis. There was a nice upside reaction, as the price headed towards the previous swing high of 58.4 Satoshis, and traded as high as 58.3 Satoshis. It is important to note that there was a break above 56.5-6 Satoshis as well, which represented a major hurdle for buyers.

Dogecoin

If the price starts a correction from the current levels, then an immediate support lies around the 23.6% Fib retracement level of the last leg from 52.3 Satoshis to 58.3 Satoshis. The mentioned fib level is also coinciding with the pivot level of 56.6 Satoshis. So, there is a chance of buyers appearing around the highlighted support area. Any further downsides might push the price towards the next support area, i.e. a bullish trend line formed on the hourly chart. The trend line is also positioned with the 61.8% Fib level.

On the upside, 58.3 Satoshis might continue to act as a resistance. A break above it could take the price towards 60.0 Satoshis in the short term.

Intraday Support Level – 56.5 Satoshis

Intraday Resistance Level – 58.3 Satoshis

The hourly RSI is around the overbought levels, which means there is a possibility of a minor correction moving ahead.

Charts courtesy of Trading View



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