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Dogecoin Price Weekly Analysis – Signs of Bullish Continuation

Avatar Aayush Jindal 4 years ago

Key Highlights

  • The Dogecoin price after a minor correction found resistance around 40.0 Satoshis and is currently trading in a tiny range.
  • The price feed from IO clearly suggest that there is a chance of the price heading towards 45.0 Satoshis.
  • There is also a bullish trend line formed on the hourly chart, which is likely to act as a catalyst for the price.

Dogecoin price might clear 40.0 Satoshis in the near term and trade towards the next barrier i.e. 45.0 Satoshis.

5 Waves Up?

There was some relief for the Dogecoin price recently, as the bulls managed to take the price higher towards 40.0 Satoshis. However, there was a solid selling interest noted around the mentioned area that prevented additional upsides. The price is currently consolidating in a tiny (as can be seen from the price feed provided by HitBTC).

Dogecoin Price Weekly Analysis

There is a major support building around 35-36.0 Satoshis, as there is a confluence of the 100 hourly simple moving average (MA) and the 38.2% Fib retracement level of the last leg from the 29.0 Satoshis (low) to 40.0 Satoshis (high).

Furthermore, the most important point is that the price is likely forming a 5-waves up pattern on the hourly chart. This is not all, as there is a bullish trend line formed as well, which is acting as a support for the price and pushing it higher.

Dogecoin Price Weekly Analysis

Looking at the indicators:

MACD – The hourly MACD is placed in the bullish zone and it may support the bullish view in the near term.

RSI – It has moved above the 50 level, suggesting more gains ahead.

Intraday Support Level – 35.0 Satoshis

Intraday Resistance Level – 40.0 Satoshis

Overall, the price may head higher towards 45.0 Satoshis as long as it is above the highlighted trend line and support aread.

 

Charts from HitBTC and CEX.IO; hosted by Trading View

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