07-12-2016
11:49 am
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Dogecoin Price Technical Analysis – Continue Buying Dips




Dogecoin Price Technical Analysis – Continue Buying Dips

Key Highlights

  • Our this week’s approach of buying Dogecoin has paid off very well, as the price surged higher every time it corrected lower.
  • Yesterday’s idea of buying dips once again was successful, as after minor correction Dogecoin price climbed to a new high.
  • Buyers managed to clear Intraday high and advanced to set a new weekly high of 87.7 S

Dogecoin was up by around 6% Intraday, as sellers continued to struggle. More gains are possible as long as the bullish trend is intact.

Trend Line Support and Buying Area

Dogecoin recent rally is pretty impressive, as the price continued to set a new high daily. It is following a nice pattern like – trade higher, correct and then move back higher. Yesterday’s high was 77.5 Satoshis, which was cleared recently to trade near 87.7 Satoshis where it found resistance and currently correcting lower.

Dogecoin

There is a bullish trend line formed on the hourly chart of Dogecoin, which might act as a hurdle for sellers if prices move further lower from the current levels. At the moment, the price is around the 38.2% Fib retracement level of the last leg from 58.0 Satoshis to 87.7 Satoshis.

However, there is a critical support forming around the 50% Fib retracement level, as it is coinciding with the highlighted trend line. Moreover, the 100 hourly simple moving average is floating below the 61.8% Fib level and around the Lower Bollinger Band. In short, there are many support areas building on the downside to provide support to Dogecoin.

Intraday Support Level – 72.9 Satoshis

Intraday Resistance Level – 87.7 Satoshis

On the upside, initial resistance is around 80.0 Satoshis, followed by the last swing high of 87.7 Satoshis. A break above 87.7 Satoshis could take prices toward 90.0 Satoshis where sellers might appear.

 

Charts courtesy of Trading View

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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