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Dogecoin – Short-term Buying Opportunity

Aayush Jindal
Aayush Jindal
9 years ago
2 mins read
Dogecoin – Short-term Buying Opportunity

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Key Highlights

  • Dogecoin buyers trying their best to clear an important resistance area at 71.8 Satoshis.
  • A broad range of 65.0-72.0 Satoshis as highlighted in the previous analysis continued to contain buyers and sellers.
  • A break is must if we need to see some action in the short term.

If you are considering to trade Dogecoin, then better wait for a convincing break above 72.0 Satoshis to enter a buy trade.

Can it break higher?

There was a large bearish candle formed on the hourly chart of Dogecoin recently, as highlighted in the weekly analysis. However, sellers failed to capitalize on the same, as the price bounced back sharply to trade near the range resistance of 71.8 Satoshis. It tested the mentioned resistance on many occasions, and currently forming a minor bearish trend line around the range top. If buyers manage to clear it, and take the price above 72.0 Satoshis, the chances of more upsides are likely. We need to see how sellers react around the range resistance, as it won’t be an easy task for buyers to take the price higher.

Dogecoin

The next level of interest on the upside might be around the 1.236 extension of the last drop from 71.8 Satoshis to 66.6 Satoshis, which is at 73.1 Satoshis. Any further gains could take the price towards 75.0 Satoshis.

If buyers fail to take the price above the highlighted bearish trend line, then the price may perhaps fall back towards the 100 hourly simple moving average that holds a lot of importance for sellers in the short term. A break below 100 MA could set the price for a move towards the range bottom support area.

Intraday Support Level – 65.0 Satoshis

Intraday Resistance Level – 72.0 Satoshis

There is no bearish signal on RSI and MACD, which is an encouraging sign for buyers moving ahead.

 

Charts courtesy of Trading View

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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