Dogecoin price remains grounded, oscillating between a thin range of 50.8-51.2 satoshis. The 20-4h simple moving average continues to be an unsurpassable hurdle for the Dogecoin as bulls choose not to make any moves in the absence of positive triggers. The current Dogecoin price is 51.1 satoshis, slightly below the upper range of 51.2 satoshis.
As can be seen from the 240-minute Dogecoin/BTC price chart, the cryptocurrency is barely moving anywhere. Technical analysis also points to a continuation of the sticky consolidation in the near future.
- Bollinger Bands – The Bollinger Bands have failed to act as major support or resistance levels even as they close in on the price range. The upper range of the Bollinger band has coincided with the ceiling of the rectangular box (the yellow one) while the lower band maintains its value of 50.5 satoshis. However, the 20-4h simple moving average of 51.2 satoshis is acting as a strong selling point.
- Relative Strength Index – The RSI reading of 50.1475 is very unexciting for the market. It indicates that neither of the parties, i.e. the bulls and the bears, is interested in the cryptocurrency.
Since Dogecoin does not seem to be in any mood to unshackle itself, the wait for some price action has extended. But knowing that the price has not yet broken the floor of 50.8 satoshis, it is advised that long positions be held on to. Fresh buys can be initiated near 50.8 satoshis for a target of 51.8 satoshis while a stop-loss is maintained below the floor value. Bitcoin has generally had a near dominant effect on the prices of other cryptocurrencies and hence, its price action must also be carefully tracked.
The market is being very patient and it only makes sense that we act accordingly. Building positions aggressively and timing the market may work against the market participant.