- There was no major move noted in Dogecoin price, and it looks like it is trading inside a range plus waiting for a catalyst for the next move.
- Range resistance is around 42.0 Satoshis and the support lies around 36.0 Satoshis.
- There is a sharp divergence noted in the hourly RSI (price feed from HitBTC) that fails to match the current price action.
Dogecoin price continued to move inside a tiny range. A break on the either side may ignite some volatility moving ahead.
42.0 Satoshis as a Resistance
We had a look at the daily timeframe chart of Dogecoin price yesterday and highlighted that the price is trading near a major pivot area and below a major resistance. There was no major move in the price Intraday, and it looks like the price is forming a range on the hourly chart (price feed from HitBTC).
The range resistance on the upside is around 42.0 Satoshis, and on the downside the support lies around 36.0 Satoshis. The most interesting thing to note is the fact that the 100 hourly simple moving average (MA) is inside the range.
The price feed from CEX.IO suggests that there is no major price action. The price is not able to gain momentum, and formed a breakout structure on the 30-mins chart as highlighted in yesterday’s post. An initial support can be around the 23.6% Fib retracement level of the last wave from the 28.5 Satoshis (low) to 41.1 Satoshis (high).
There are mixed signals at the moment, but looking at the higher timeframe it looks like the price is under the bearish pressure.
Looking at the indicators:
Hourly MACD – There is no real signal from the hourly MACD, suggesting range moves.
Hourly RSI – The RSI is under the bearish divergence, and signaling a move lower in the short term.
Intraday Support Level – 36.0 Satoshis
Intraday Resistance Level – 40.0-45.0 Satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View