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Analysis 2 mins

Dogecoin Price Analysis 28/12/2015– Convincing Break Higher

Avatar Aayush Jindal 4 years ago

Key Highlights

  • Dogecoin price surged higher during the past couple of sessions, and traded above a major resistance area.
  • There was a break noted above a bearish trend line formed on the hourly chart (data feed from HitBTC).
  • The highlighted break looks real, which means buying dips in the short term can be an option.

Dogecoin price managed to trade higher, and even cleared a major resistance area of 31.0 Satoshis, which is a bullish sign for buyers.

Buy Dips?

Dogecoin price finally showing a lot of positive signs, which may come as an encouragement for buyers. Recently, the price traded higher and managed to break two important resistances. The first one was the 100 hourly simple moving average and the second one was a bearish trend line formed on the hourly chart (data feed from HitBTC). The price traded as high as 35.1 Satoshis where sellers appeared to defend the upside move.

Dogecoin Price Technical Analysis

The price is currently correcting lower and finding bids near the 50% Fib retracement level of the last wave from the 29.0 Satoshis low to 35.1 Satoshis high. However, the most important support lies near the 61.8% fib retracement level, which is sitting along with the 100 MA. Moreover, the last resistance area of 31.0 Satoshis is also around the same area.

In short, there is a major support area forming near 31.0 Satoshis, which can be seen as a buying zone if the price moves lower. On the upside, an initial resistance is around 34.0 Satoshis, followed by the last swing high of 35.1 Satoshis.

Looking at the indicators:

Hourly MACD – The MACD is about to change the slope to bullish, which can turn the bias in favor of the bulls.

Hourly RSI – The RSI is above the 50 level, which is a bullish sign.

Intraday Support Level – 31.0 Satoshis

Intraday Resistance Level – 34.0 Satoshis

 

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

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