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Dogecoin Price Weekly Analysis – Consolidation Phase

Avatar Aayush Jindal 5 years ago

Key Highlights

This past week we were expecting the price to move higher. It did move higher, but 71.8 Satoshis stalled the upside in the near term and pushed the prices lower. There were many attempts to clear the stated area, but every time buyers managed to take the price higher sellers defended the upside. One worrying sign to note is that there is a monster bearish candle formed on the hourly chart of Dogecoin, which might ignite a downside move below a major support area of 65.0 Satoshis. The stated bearish candle is overlapping most previous candles.

Dogecoin

Buyers need to be cautious in the near term, as the price has moved below the 100 hourly simple moving average. However, there is a main hurdle for sellers around 65.0 Satoshis, which is just like 71.8 Satoshis. It provided support on a number of times, and might continue to do so until there is a solid reason for sellers in terms of fundamentals to take the price lower. A break below the same may perhaps clear the path for a move towards 66.0 Satoshis.

RSI break

The RSI moved below the 50 level, but at the same time, there was a support trend line on the RSI which was breached. Let us see whether sellers manage to capitalize on the same or not moving ahead.

Intraday Support Level – 65.0 Satoshis

Intraday Resistance Level – 71.8 Satoshis

Overall, the price is stuck in a broad range, and it is very tough to say which way it would break. A break also depends on how the fundamentals shape up in the near term.

 

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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