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Home Technical analysis

Dogecoin Price Weekly Analysis – Gains Seem Likely

Aayush Jindal by Aayush Jindal
6 years ago
in Technical analysis
Reading Time: 2min read
Dogecoin Price Technical Analysis – Target Achieved Buy More
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Key Highlights

  • Dogecoin prices after consolidating for a brief period traded higher and settled around an important resistance area.
  • A move towards the last high of 88.6 Satoshis is likely moving ahead, but buyers need to clear 72.0 Satoshis to achieve it.

There was a critical support formed around 64.0 Satoshis, which held the downside and the price consolidated for some time before buyers came into action. There is a monster triangle formed on the hourly chart of Dogecoin, which might act as a market mover in the near term. A major resistance at 68.5 Satoshis was stalling the upside in Dogecoin earlier, coinciding with the 100 hourly simple moving average. The mentioned resistance was cleared, suggesting that sellers failed to take the price lower in the near term.

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The price moved higher, but stopped around a contracting triangle formed on the hourly chart. However, the best part was that it managed to close above the 100 hourly MA and 68.5 Satoshis. No doubt, there is a chance that the price might move higher. An initial resistance can be around 74.0 Satoshis, followed by the last swing high of 79.0 Satoshis.

RSI above 50

There are some encouraging signals for buyers like the RSI is above the 50 level. The MACD is also around the bullish zone with no signs of divergence. If buyers manage to take the price above the triangle resistance, then there can be a sharp move towards the recent high. A test of even 80.0 Satoshis is possible in that situation.

Intraday Support Level – 68.0 Satoshis

Intraday Resistance Level – 72.0 Satoshis

If the price moves lower, the 100 SMA might act as a hurdle for sellers. Only if they manage to take the prices below the triangle support area, there is a possibility of more downsides moving ahead.

 

Charts courtesy of Trading View

Tags: DogecoinDogecoin Price Weekly AnalysisGains likely in Dogecoin
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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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