- Dogecoin’s price stayed in a range, and is now forming a contracting triangle on the hourly chart (data feed from HitBTC).
- There is a chance that the price may consolidate for some time before breaking in a direction, either up or down.
- Looking at the 2-hour chart (data feed from IO), a major breakout resistance is forming near 32-33 satoshis.
Dogecoin’s price is below the 100 MA (2H), which is discouraging buyers from taking it higher. A break above it may call for an upside move in the short term.
Dogecoin’s price continued to annoy traders, as there was no real movement and it stayed in a tiny range. There is a contracting triangle pattern forming on the hourly chart (data feed from HitBTC), which is stalling a break at the moment. An important aspect to note is the fact that the price was mostly below the 100-hour simple moving average, and is currently below it.
As long as the price is below the below the 100 MA, it remains at a risk of a break lower. There were a couple of nasty spikes down, but somehow buyers managed to defend the 24-25-satoshi support area successfully. On the upside, a break above the 100 MA and triangle’s resistance area may open the doors for a move higher towards 38 satoshis.
An initial resistance on the upside is around a major bearish trend line formed on the 2-hour chart (data feed from CEX.IO), which is also aligned with the 100 MA. Overall, the 32-33-satoshi area may act as a pivot for Dogecoin prices moving ahead.
Looking at the Indicators
Hourly MACD – The Moving Average Convergence Divergence is mostly flat, suggesting low volumes and range trading.
Hourly RSI – The Relative Strength Index is just below the 50 level, and there is no real sign of a move ahead.
Intraday Support Level – 28 satoshis
Intraday Resistance Level – 32 satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View