Dogecoin Price Analysis for 23/11/2015 – Upside Thrust Likely?

Key Highlights

  • Dogecoin price is trading near a major resistance area of 40.0 Satoshis, as buyers eye a break.
  • The price is following a support trend line on the hourly chart, which may push the price to higher levels moving ahead.
  • A break above 40.5-40.9 Satoshis is needed for an upside move towards 44-45.0 Satoshis.

Dogecoin price looks poised for an upside move likely towards 45.0 Satoshis, if sellers fail to defend the 41.0 Satoshis resistance area.

Dogecoin Price Hurdled By Resistance at 41.0 Satoshis:

There were a few positive signs witnessed last week throughout Dogecoin’s charts, suggesting that there is a possibility of an upside break. Currently, there is a bullish trend line formed on the hourly chart (price feed from CEX.IO) that is acting as a support for an upside move.

Dogecoin Price Intraday Analysis Dogecoin Price Intraday Analysis

The price is facing a critical resistance around 41.0 Satoshis, as the stated area coincides with the 61.8% Fib retracement level of the last wave from the 47.0 Satoshis (high) to 28.9 Satoshis (low). The price is also flirting with 100 hourly simple moving average (SMA), but failing to gain strength to trade above the highlighted resistance area. If buyers succeed in taking the price higher, then a move towards the next barrier of 45.0 Satoshis is possible in the near term. On the downside, a break below the trend line and support area may call for a trend change.

It looks like there is a contracting triangle forming on the hourly chart (price feed from HitBTC) that may ignite a break moving ahead. The price is attempting to settle above the 100 SMA, i.e. a positive sign for bulls.

Dogecoin Price Intraday Analysis Dogecoin Price Intraday Analysis

Looking at the indicators:

Hourly MACD – The MACD is favoring buyers as of writing and signaling gains.

Hourly RSI – The RSI is also above the 50 mark, which is another bullish sign.

Intraday Support Level – 38.0 Satoshis

Intraday Resistance Level – 41.0 Satoshis

 

Charts from HitBTC and CEX.IO; hosted by Trading View

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