Dogecoin Price Technical Analysis for 20/2/2015

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Dogecoin price ranged between 56.6 and 63.2 satoshis on Cryptsy throughout yesterday’s trading sessions. Although the price is still within the range we identified during yesterday’s analysis, higher highs have been recorded throughout the past 3 days.

Note: We will be analyzing the 1 day (DOGE/BTC) charts from Hitbtc and Cryptsy throughout this analysis.

By studying the 1 day (DOGE/BTC) Hitbtc charts from tradingview.com and plotting the OBV oscillator (look at the below chart), we can conclude the following:

• Although yesterday’s dogecoin price low is lower than that of the previous day, yesterday’s high (63.5 satoshis) is higher than that of the previous day (62 satoshis).
• As shown by the green trend line on the below chart, Dogecoin support level rose from around 45 satoshis on the 15^th of December to around 56 satoshis during the past few days. The rising support level is a good sign that proves that the price is more likely to rise to approach the 70 satoshis level in the near future.
• The On-Balance Volume (OBV) oscillator is in the negative territory and is sloping in an upwards direction i.e. parallel to the trend line we drew earlier. OBV shows no divergence and so, we are not expecting a bullish rally during the next 24 hours and the price is likely to remain within the 56 and 66 satoshis range.

By studying the 1 day Cryptsy (DOGE/BTC) chart from Bitcoinwisdom.com (look at the below chart), we can conclude that dogecoin price ranged between 59 and 60 satoshis during yesterday’s trading sessions. We can also see that support has risen from 50 satoshis on the 15^th of December to 56 satoshis during the past few days as shown by the black trend line on the below chart.

Conclusion:

Dogecoin price recorded a higher high yesterday. Our technical analysis has shown that it is very unlikely to see the price drop now, yet we can’t see signs signaling a breakout of the 56-66 satoshi range soon.

Charts from Cryptsy and Hitbtc