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Dogecoin Price Technical Analysis for 13/4/2015 – Stay Calm!

NewsBTC by NewsBTC
8 years ago
in Technical analysis
Reading Time: 2 mins read
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Having faced volatile price action in the previous week, Dogecoin seems to be entering this week on a calm note. The cryptocurrency is trading in a thin range of 46.6-50 satoshis, with each Dogecoin currently worth 48.2 satoshis.

dogecoinImage: https://www.tradingview.com/x/KPQPB70p/

An analysis of the 240-minute Dogecoin/Bitcoin price chart reveals that the cryptocurrency may extend its stay in the trading range and no major price moves are expected in the next 48 hours.

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Chart Structure – As is evident from the chart above, Dogecoin is oscillating in a wide range of 43-50 satoshis. A breakout from this range will set the stage for a much bigger deviation from the current level. Taking the latest price action into account, a breakout can be expected in the latter half of the week.

Bollinger Bands – The Bollinger Bands continue to play a crucial role in guiding the price movements. The lower range of the BB is acting as a near-term support level while the upper range aligns with the resistance level. The price movements are concentrated around the 20-4h simple moving average of 48.3 satoshis.

Relative Strength Index – Since the action remains muted, the RSI indicator reads a value of 49.7940. A reading close to 50 suggests that neither the bulls nor the bears are willing to pull the game in their favor.

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Taking the above technical factors into consideration, it can be said that Dogecoin’s consolidation may continue for a little longer. However, the breakout is expected in the latter half of the week and hence, remaining patient is the key. Short-term traders are advised to go short in the cryptocurrency around 50 satoshis for a primary target of 46.6 satoshis and a secondary target of 43 satoshis. Long positions should be considered only near 43 satoshis. Volatility may remain subdued.

Tags: cryptocurrencydogecoinDogecoin analysisDogecoin price chartDogecoin tradingvolatility
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