27-06-2016
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Dogecoin Price Weekly Analysis – Continuous Bearish Moves




Dogecoin price struggled throughout this past week, and it looks like there is a chance of more losses towards the 55.0 Satoshis area. Intraday Support Level – 60.0 Satoshis. Intraday Resistance Level – 63.0 Satoshis.
Dogecoin Price Weekly Analysis
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Key Highlights

  • Dogecoin price continued to struggle this past week and traded lower to test the 60.0 Satoshis support area.
  • There is a bearish trend line formed on the hourly chart (data feed from HitBTC), which is acting as a hurdle for buyers.
  • The price is also below the 100 simple moving average on the hourly chart, which is a sign that sellers are in control.

Dogecoin price struggled throughout this past week, and it looks like there is a chance of more losses towards the 55.0 Satoshis area.

100 MA as Resistance

Dogecoin price made an attempt to trade higher this past week, but the downside pressure was such that sellers managed to take it down. There was a continuous downside moves which prevented the bulls to take the price higher. There is a bearish trend line formed on the hourly chart (data feed from HitBTC), which acted as a catalyst in the short term.

The price is trading near the 60.0 Satoshis, which is acting as a support area, and stalling losses. If there is a recovery, then an initial resistance is around the 23.6% Fib retracement level of the last drop from the 71.0 Satoshis high to 59.9 Satoshis low. The stated fib level is just below the highlighted trend line and resistance area, so it may play a major role.

Dogecoin Price Weekly Analysis

The price is below the 100 simple moving average on the hourly chart, which is not a positive sign for the bulls, and may take it further down. On the downside, the 55.0 area can be seen as a support area in the near term.

Looking at the indicators:

Hourly MACD – The MACD is in the bullish zone, which may take the price a few points higher.

Hourly RSI – The RSI is just below the 50 level, which means buyers are struggling.

Intraday Support Level – 60.0 Satoshis

Intraday Resistance Level – 63.0 Satoshis

 

Charts from HitBTC hosted by 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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