Dogecoin price ranged between 58 and 62 satoshis throughout yesterday’s trading sessions. Although today the price dropped to 56 satoshis, it recorded a high exceeding 63 satoshis before falling again to 58 satoshis at the time of writing of this article.
By observing the 1 day (DOGE/BTC) chart from tradingview.com and plotting the On-Balance Volume (OBV) oscillator (look at the below chart), we can notice the following:
- Since the 25th of January, dogecoin price has been trading between 56 and 66 satoshis as shown by the trend lines on the below chart.
- The OBV oscillator curve is sloping in a downward direction at the moment. The OBV value is in the negative territory, yet the value of the OBV is not as significant as the direction of its slope in relation to the direction of the price trend to spot any divergence. An upward sloping OBV should precede a bullish wave that can push the price up to the next resistance level.
- Long shadows of candlesticks as the price approaches the 52 satoshis level is an indicator of the strength of support at this price level.
Conclusion:
Dogecoin price is continuing to trade within the 58 and 63 satoshi range which has been apparent throughout the past few days. According to our technical analysis, it seems that dogecoin price will continue to trade within that range for a few days before we can see the bears or the bulls take over the market.
Charts from hitbtc
