September 20, 2017

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Dogecoin Price Technical Analysis for 17/11/2015 – 36-38.0 Satoshis Holds Key



Key Highlights

  • The Dogecoin price forming an interesting structure on the hourly chart with support around 36-38.0 Satoshis.
  • If the price breaks the highlighted bullish trend line and support area, a decline towards 32.0 Satoshis is possible.
  • Our yesterday’s highlighted bearish trend line on the 30-mins chart (price feed from CEX.IO) is still in play and acting as a resistance.

Dogecoin price looks like forming a breakout structure on the hourly chart with most indicators aligning for a bearish move.

36-38.0 Satoshis as Support

The recent price action in the Dogecoin price has been annoying as there was no proper directional action. Currently, the price is forming a breakout structure on the hourly chart (data feed from HitBTC). There are a couple of trend lines formed, one on the upside and another on the downside.


Dogecoin Price Technical Analysis

The price recently traded near the upper bearish trend line and found resistance, as the 50% Fib retracement level of the last move from the 46.5 Satoshis (high) to 36.0 Satoshis (low) acted as a hurdle for buyers. The price is currently trading lower and finding bids around the 100 hourly simple moving average. A break below it may take the price towards the support trend line that holds the key for more losses in the near term.

When we look at the 30-mins chart of the Dogecoin price (data feed from CEX.IO), then our yesterday’s highlighted bearish trend line continued to act as a barrier for buyers. Only a break and close above it may change the trend and take the price higher moving ahead.

Dogecoin Price Technical Analysis

Looking at the indicators:

Hourly MACD – There is a minor convergence noted on the MACD pointing towards a downside move.

Hourly RSI – The hourly RSI is a few points above the 50 level, which is a contradicting signal for sellers.

Intraday Support Level – 36.0 Satoshis

Intraday Resistance Level – 40.0 Satoshis

Charts from HitBTC and CEX.IO; hosted by Trading View



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