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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Dogecoin Price Weekly Analysis – Choppy Price Action

Aayush Jindal
Aayush Jindal
9 years ago
2 mins read
Dogecoin Analysis Choppy Price

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Dogecoin price continued to struggle to move in one particular direction, as there were many false breaks noted.
  • 0-60.0 Satoshis remains a major support area for buyers which is likely to act as a pivot area moving ahead.

Dogecoin price once spiked above 70.0 Satoshis and traded as high as 75.1 Satoshis, but failed to maintain gains.  

The Dogecoin price range traded for some time as there was a monster support area formed around 62.0 Satoshis. Buyers finally managed to take the price higher and cleared the range resistance area. However, they failed miserably to maintain momentum, as the price moved back lower. The price was again back below 70.0 Satoshis, and was seen heading towards the most important support of 62.0 Satoshis. The Lower Bollinger Band is aligned around the stated support area, which points to the significance of the highlighted support area.

Dogecoin

There was even a move above the 100 hourly simple moving average, but even then buyers failed to take the price further higher. The recent rejection is a warning sign, which poses a risk of a break lower in the near term. If sellers manage to break the 60.0 Satoshis support area, then a move towards 55.0 Satoshis is possible.

On the upside, the price needs a daily close above 70.0 Satoshis. If there is a daily close as mentioned, then the chance of a move higher towards 75.0 Satoshis might increase.

RSI and MACD

Both the RSI and MACD are sitting in the bearish territory, which signals more losses. One more important support is forming around 58.0 Satoshis, which might act as a hurdle for sellers.

Intraday Support Level – 62.0 Satoshis

Intraday Resistance Level – 70.0 Satoshis

Overall, we need to wait and see which way the price breaks, and then trade accordingly.

 

Charts courtesy of Trading View

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Aayush Jindal
Aayush Jindal

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.

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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.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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