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Dogecoin Price Technical Analysis – Consolidation Underway



Key Highlights

  • Dogecoin price after spiking twice above 80.0 Satoshis started a consolidation phase.
  • 0 Satoshis is acting as a major support area for buyers and might hold for some time.
  • There is a chance of a double top pattern formation, but it might need some seller’s strength for a move lower.

Dogecoin price might continue to consolidate for some time as there is a monster support building around 64.0-62.0 Satoshis.

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What’s next?

There were nasty moves in Dogecoin price, as it spiked more than two time above 80.0 Satoshis, but failed to sustain gains. It is the same reason for which there is a chance that a double top pattern may be formed. However, as there are two rejections noted around 82.0 Satoshis there is a major support forming around 62.0 Satoshis. Sellers failed many times to break the mentioned area, which might be considered as a warning sign.

Dogecoin

The price is currently consolidating around the 100 hourly simple moving average, and staying above 62.0 Satoshis. It looks like there is a chance of one more spike if buyers continue to hold the ground. The Lower Bollinger Band is aligned with the support area, suggesting that there is a monster barrier forming around 62.0 Satoshis. On the upside, an initial hurdle is 66.0 Satoshis, as the Upper Bollinger Band is sitting around the stated level. A break above the same might take the price towards the 50% Fib retracement level of the last drop from 82.0 Satoshis to 62.2 Satoshis.

On the downside, 64.0-62.0 Satoshis is major support area, and there is a break below the stated level more losses are likely moving ahead.

Intraday Support Level – 63.0 Satoshis

Intraday Resistance Level – 69.0 Satoshis

The hourly RSI is flat around the 50 level, which points to towards the consolidation phase.

Charts courtesy of Trading View



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