- Dogecoin’s price showed no signs of a move higher intraday, and is currently forming a contracting triangle pattern on the hourly chart (data feed from HitBTC).
- A break above 34-35 satoshis is needed for buyers to take control and push the price higher.
- The chances of a move higher may increase if the price settles above the 100-hour simple moving average on the 2-hour chart (data feed from CEX.IO).
The Dogecoin price’s H2 chart shows clear signs of the 100MA providing good cover for the bulls, as it has remained a reliable resistance thus far.
Contracting Triangle Pattern
Dogecoin’s price has a major resistance level near 34-35 satoshis, which remains a crucial level at the moment with new selling activity possible in the upcoming sessions. However, looking at the technical indicators and patterns, there is a chance of a break building in the near-term. There is a contracting triangle pattern formed on the hourly chart (data feed from HitBTC) that may ignite a wave moving ahead.
On the downside, the triangle support area along with the 100-hour simple moving average may play a crucial role. A move below the triangle support area could take the price back towards the last swing low of 25 satoshis.
Looking at the 2-hour chart (data feed from CEX.IO), it looks like there is a chance of recovery as the price action remains largely above the now developing bullish cloud. A successful close above the 100 MA may take the price higher, maybe towards the 50% Fibonacci retracement level of the last drop from 41 satoshis to 28 satoshis.
Looking at the Indicators
2H MACD – The 2H MACD is about to move into the bullish zone, which is a positive sign for bulls.
2H RSI – The RSI just climbed above the 50 level, signaling a move in the short term.
Intraday Support Level – 28 satoshis
Intraday Resistance Level – 34 satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View