Dogecoin Price Technical Analysis – Break Near 2015-08-09

Aayush Jindal

1 year ago

2 mins read

Dogecoin Price Technical Analysis – Break Near. Newsbtc Dogecoin News.

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Dogecoin Price Key Highlights

Dogecoin price stayed in a range, but it looks like the price might head lower in the near term.
Sellers are making an attempt to break the range low, if it is cleared more losses are likely.
0 Satoshis is a major support area, which must hold if buyers have to prevent the downside.

Dogecoin price is at risk of a break lower, as buyers seem to be struggling to prevent the downside.

Downside Break

The Dogecoin price stayed in a range throughout this past week, which prevented moves in one particular direction. However, it looks like sellers might be able to take the price lower in the near term. There are many things aligning in favor of them. The most important one is that there is a bearish trend line on the hourly chart, which is acting as a hurdle for buyers. The next one is that the price is below the 100 hourly simple moving average. In short, the chances of the price heading lower is more compared with the break higher. We need to see who wins in the fight between sellers and buyers.

If buyers manage to clear the trend line resistance area, then the price might head towards the 23.6% Fib retracement level of the last drop from 82.0 Satoshis to 59.8 Satoshis. However, before this buyers must prevent the downside break.

On the downside, there is a monster support around the Lower Bollinger Band at 60.0 Satoshis. The price is around the stated support area, and looks positioned for a break in the short term if sellers gain control.

Intraday Support Level – 60.0 Satoshis

Intraday Resistance Level – 63.0 Satoshis

The hourly RSI and MACD are showing bearish signs on H1, signaling a break lower in the near term.

Charts courtesy of Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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