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Dogecoin
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Dogecoin Price Continues to Consolidate, Support near 100 MA

Aayush Jindal by Aayush Jindal
7 years ago
in Technical analysis
Reading Time: 2 mins read
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Key Highlights

  • Dogecoin price continued to move inside a small range, as the market awaits a short-term break.
  • On the topside, 71.0 Satoshis remains a major hurdle for buyers.
  • Any weakness from the current levels might see buyers around the 100 hourly simple moving average.

Dogecoin price was relatively muted, as there was really no action and movement during the past couple of sessions.

Choppy Price Action

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Dogecoin prices trading in a range with a choppy price action, which suggests that there is no real reason for either buyers or sellers for the next move. After a complete rejection around 80 Satoshis, the price moved lower and currently consolidating in a small range. If we look at the technical indicators, then some are pointing losses and other are suggesting gains in the near term.

Dogecoin

So, there is no substantial reason for one particular view. However, considering the fact that the price is above the 100 hourly simple moving average, one can say that the chances of it trading higher is a lot more. The hourly RSI is moving in and out, with no real signal of strength. There is also a bullish trend line formed, which is just below the 100 MA, and may perhaps provide support to the price if it moves lower. A break below it could set the bearish bias moving ahead.

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On the upside, 71.0 Satoshis is a pivot area for buyers, as a break above the same might take the price towards the 61.8% Fib retracement level of the last drop from 79.4 Satoshis to 65.3 Satoshis. Any further gains might be limited, and would depend on how sellers react.

Intraday Support Level – 67.0 Satoshis

Intraday Resistance Level – 71.0 Satoshis

We need to see how the price moves in the coming sessions, as whether it can break above 71.0 Satoshis or not.

 

Charts courtesy of Trading View

Tags: DogecoinDogecoin Price consolidationSupport at 100 MA
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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