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Dogecoin price dropped yesterday to trade between 56 and 58 satoshis on Hitbtc, while on Cryptsy, dogecoin traded between 55 and 58 satoshis. Dogecoin price fell below the rising support level we plotted during our earlier analysis.
By studying the 4 hour hitbtc (DOGE/BTC) charts from tradingview.com and plotting the William’s alligator accordingly (look at the below chart), we can conclude the following:
- Dogecoin price now is lower than the 3 moving averages of the William’s Alligator indicator which reflects the overall bearish pattern of the market at the moment.
- The alignment of the moving averages of William’s Alligator indicator cannot predict any bullish wave in the near future. So, it is more likely to see the price drop even more to lower levels.
- It seems that dogecoin price drop was ignited by the rise in bitcoin price. If the current scenario continues, we can see dogecoin price drop to test the support level at 52 satoshis during the upcoming 48 hours.
By drawing a trend line between the high reached on the 22nd of September 2014 (116 satoshis) and the low reached on the 4th of August 2014 (12 satoshis) on the 1 day Hitbtc DOGE/BTC charts from tradingview.com and plotting the Fibonnaci retracements accordingly (look at the below chart), we can conclude that the price can drop down to around 52 satoshis to touch the 38% Fibonacci retracement level during the next few days, especially that the price now is below the 20, 50 and 100 day EMAs.
Conclusion:
Dogecoin price dropped yesterday to reach a low of around 55 satoshis. Our technical analysis is in favor of continuation of this down trend to test the 52 support level within the next 48 hours.
Charts from Hitbtc
