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Dogecoin price stabilized between 62 and 65 satoshis throughout the past week (2nd – 8th February). Dogecoin is continuing to prove that it is a rather stable cryptocurrency in the face of the high volatility of bitcoin.
By studying the 1 day Hitbtc (Doge/BTC) from tradingview.com (look at the below chart), we can see that dogecoin price has been trading between 62 and 65 satoshis last week. The price is going away from the 52 satoshis support level as per our Fibonacci retracements that we plotted a couple of weeks ago as shown by an upwards sloping 10 day EMA on the 1 day charts (the green curve running through the candlesticks on the below chart).
Dogecoin price started deviating away from bitcoin price on charts last month, when the price of Doge increased up to 74 satoshis in response to a rather steep bitcoin price drop; however, it is quite likely to see the price of Dogecoin increase in accordance with an anticipated rise in bitcoin price during the upcoming couple of weeks. As the 10 day EMA is already rising, we are likely to see the price heading up to test the 77 satoshis level soon enough.
Conlcusion:
Dogecoin price highlighted its stability and support well above the 52 satoshi level throughout past week’s trading sessions. A bullish wave that drives the price above 70 satoshis can be seen soon during the upcoming couple of weeks.
Important disclaimer: Given the low volume of Dogecoin trading and its high volatility, technical analysis shouldn’t be used as your only guide to trading Dogecoin and other altcoins.
Chart from Hitbtc.
