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Although Dogecoin price dropped yesterday to around 56 satoshis, it increased during later trading hours to record a high of around 63 satoshis.
Dogecoin price opened today at 61 satoshis, yet it dropped to around 58 satoshis at the time of writing of this article. By studying the 1 day Hitbtc (DOGE/BTC) chart from tradingview.com and plotting the MACD indicator accordingly, we can notice the following:
- Even though dogecoin price dropped yesterday to 56 satoshis, the strong support at 52 satoshis (The 38% Fibonacci retracement level as per our earlier analysis) reversed the downtrend and pushed the price up to close at 61 satoshis.
- The MACD indicator is still not in favor of a strong upward trend, as the red signal line is still above the blue MACD line; However, the MACD value is still within the positive territory. We ought to see the MACD blue line cross above the red signal line before a strong bullish wave can be noticeable.
By reevaluating the 1 day Hitbtc (DOGE/BTC) charts from tradingview.com and plotting the Vortex Indicator accordingly (look at the below chart), we can conclude that conditions are not in favor of a bullish wave during the upcoming few hours as the red downtrend line is below the blue uptrend line and the gap between both is rather wide.
Conclusion:
Dogecoin price is still trading between the 56 and 62 satoshi levels. Despite the fact that technical analysis is not in favor of a bullish wave soon, the 52 satoshi level is supporting dogecoin price quite well, so it is expected to see the price rise whenever the price drops to approach this key support level.
Dogecoin seems to be in consolidation phase and it may breakout in any direction.