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
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.
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.
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