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Dogecoin price dropped from around 49 to 40 satoshis on Hitbtc earlier today. It seems that the drop in dogecoin price is ignited by the bitcoin price rise, as altcoin holders are dumping their coins in exchange for bitcoin.
By studying the 4 hour Bitfinex (DOGE/BTC) chart from tradingview.com and plotting the William’s Alligator indicator accordingly (look at the below chart), we can notice the following:
- The long downwards shadows of the candlesticks on the 4 hour charts reflect the resistance facing dogecoin price as it attempts consolidating below the 52 satoshis support level.
- The alignment of the SMAs of the William’s Alligator indicator signals a bearish wave, so we expect dogecoin price to drop further in an attempt to push the closing price of the 4 hour sessions below the 52 satoshi level.
By examining the 1 day hitbtc (DOGE/BTC) chart from tradingview.com, plotting the MACD indicator and the RSI accordingly (look at the below chart), we can conclude the following:
- Dogecoin price has been dropping and printing lower lows each day since the beginning of March.
- The MACD indicator is in the negative territory and the blue MACD line is not crossing below the red signal line, so the bearish wave is likely to continue.
- The RSI value is now at 26, so in other words, dogecoin is currently oversold and it is likely to rise a bit so that the RSI value would rise above 30.
Conclusion:
Dogecoin price dropped yesterday to a low of around 40 satoshis. Technical analysis predicts the market bears to attempt consolidating the price below the 52 satoshis mark.
Charts from hitbtc
