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Dogecoin price ranged between 50 and 52 satoshis throughout yesterday’s trading sessions on hitbtc. On cryptsy, dogecoin traded between 49 and 53 satoshis yesterday.
By examining the 4 hour Hitbtc (DOGE/BTC) chart from tradingview.com and plotting William’s Alligator indicator accordingly (look at the below chart), we can notice the following:
- The support level at 52 satoshis has been resisting a drop in dogecoin price since the 2nd of March. Although the price fell down to around 39 satoshis on the 4th of March, the long downwards shadow of the candlestick (look at the candlestick circled by the blue cloud on the below chart) proves that the market’s momentum wasn’t able to keep the price below the support level at 52 satoshis.
- The SMAs of the William’s Alligator indicator don’t show a bullish alignment, so we are likely to see dogecoin price continue to oscillate between 50 and 52 satoshis during the next 24 hours.
By studying the 1 day hitbtc (DOGE/BTC) chart from tradingview.com and plotting the MACD indicator and RSI(look at the below chart), we can notice the following:
- The MACD indicator is well into the negative territory and the blue MACD line is below the red signal line, so there is no sign of a bullish wave soon.
- The RSI is valued around 32 now. Note that the RSI value has fell below 30 when dogecoin price approached the support level around 52 satoshis during the past few days. In other words, below 52 satoshis, dogecoin can be considered oversold.
Conclusion:
Dogecoin price ranged between 50 and 52 satoshis yesterday on hitbtc. Our technical analysis predicts that dogecoin price will remain within the same range during the next 24 hours.
Charts from hitbtc
