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Dogecoin price traded between 56 and 60 satoshis on hitbtc all through yesterday’s trading hours. Despite the fact that dogecoin’s new support level had been tested rather aggressively yesterday, the price climbed to higher levels during today’s earlier trading sessions.
By examining the 4 hour Hitbtc (DOGE/BTC) charts from tradingview.com, plotting William’s Alligator indicator accordingly and keeping the new support level we plotted during earlier analyses (look at the below chart), we can conclude the following:
- Although the new support level at around 57 satoshis has been repeatedly tested during the past couple of days, it seems that this level resisted price drop and now the 4 hour candlesticks are above the green trend line on the below chart.
- The alignment of the moving averages of the William’s Alligator indicator is perfect for a noticeable bullish wave that can push the price to higher levels as the 21 period blue MA (lips) is below the 13 period red MA (teeth) and the 8 period green MA (jaw) is on top of both. Accordingly, we can expect a bullish wave that can take the price up to 62 satoshis or even push the price nearer to the next resistance level at 70 satoshis.
By examining the 1 day Hitbtc (DOGE/BTC) charts from tradingview.com and plotting the MACD indicator and the On-Balnce Volume oscillator (look at the below chart), we can notice the following:
- The MACD indicator is at zero level and shows no sign of a bullish wave.
- The On-Balance volume is sloping in an upward direction which can mean that the buying volume of the market is increasing and we can see the price exceed 62 satoshis soon.
Conclusion:
Dogecoin price rose well above the new rising support level after testing it repeatedly during the past couple of days. Our technical analysis is in favor of a bullish wave that can take price above 62 satoshis within the next 48 hours.
Charts from hitbtc
