September 22, 2017

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Dogecoin Price Technical Analysis – Sellers Achieved Initial Goal



Key Highlights

  • Dogecoin price after failing around an important resistance area of 58.3-4 Satoshis traded lower and even tested the last swing low.
  • There was a sharp downside move yesterday, as the price even breached the last swing low of 52.5

Dogecoin price continued to struggle, and as a result there was a new low established below 52.5 Satoshis.

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100 MA as Resistance

As mentioned in yesterday’s post, after the Dogecoin price failed to trade above the last swing high of 58.3 Satoshis, it traded lower and cleared a couple of support trend lines on the hourly chart. Intraday, the downside was accelerated and the price moved lower further. Sellers were in control, and as a result the price managed to beak the last major support of 52.5 Satoshis. The price traded as low as 51.3 Satoshis where buyers appeared to prevent more losses. Actually, there was a support trend line (connecting the last four swing lows) that helped buyers to prevent additional downsides.

Dogecoin

The price is currently recovering and also managed to settle above 52.6 Satoshis. However, there is a monster resistance for buyers on the way up in the form of 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last drop from 58.3 Satoshis to 51.3 Satoshis is also positioned around the 100 MA. It might be difficult for buyers to clear the highlighted resistance area and take the price higher.

On the downside, the last swing low of 51.3 Satoshis could act as a support. A break below it may call for more losses in the near term.

Intraday Support Level – 51.3 Satoshis

Intraday Resistance Level – 55.0 Satoshis

The hourly RSI has managed to settle above the 50 level, which is a positive sign moving ahead.

Charts courtesy of Trading View



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