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Dogecoin Price Technical Analysis

Dogecoin Price Technical Analysis – Massive Rally

Avatar Aayush Jindal 5 years ago

Key Highlights

  • As forecasted in yesterday’s post, Dogecoin prices surged higher and traded above 70.0 Satoshis.
  • Dogecoin enjoyed a huge rally as it was up by more than 8% in a single day.

Dogecoin finally settled successfully above 60.0 Satoshis and marched higher to gain heavily Intraday, and it looks set for more upsides in the short term.

What’s next?

Dogecoin buyers managed to clear yesterday’s high around 60.8 Satoshis.  After prices settled above the mentioned resistance, it gained pace and surged sharply by more than 8% to trade above 70.0 Satoshis. It traded as high as 71.7 Satoshis where it found sellers and moved back lower. The current price action is very bullish, and clearly suggests that a break above 60.0-61.0 was very critical. It has opened the doors for more gains in the near term.

Dogecoin

However, there was a strong rejection noted around 71.7 Satoshis, and the last 4 hours candle is suggesting a bearish push for Dogecoin. It has already settled below the 23.6% Fib retracement level of the last leg from 53.0 Satoshis to 71.7 Satoshis. It is very likely to test the 50% Fib retracement level where buyers might take a stand.

The most important support lies around 60.0-61.0, which was a barrier for buyers earlier, and now might act as a hurdle for sellers. So, one can consider the mentioned support area as a buying zone. There is also a bullish trend line formed on the 4-hours chart, which could act as a pivot area for Dogecoin moving ahead.

Intraday Support Level – 64.0 Satoshis

Intraday Resistance Level – 72.0 Satoshis

There can be more gains in Dogecoin, as the trend is still up, so buying dips remain a good option. In short, as long as prices stay above 60.0-61.0, Dogecoin might continue trading higher.

 

Charts courtesy of Trading View

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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