- Dogecoin price showed no signs of a move higher Intraday, and currently forming a contracting triangle pattern on the hourly chart (data feed from HitBTC).
- A break above 34.0-35.0 Satoshis is needed for buyers to take control and push the price higher.
- The chances of a move higher may increase if the price settles above 100 simple moving average on the 2-hours chart (data feed from CEX.IO).
Dogecoin price H2 chart shows good signs of the 100MA providing good cover for the bulls as it has remained a reliable resistance this far.
Contracting Triangle Pattern
Dogecoin price has a major resistance level near 34.0-35.0 Satoshis, which remains a crucial level at the moment with new selling activity possible in the upcoming sessions. However, looking at the technical indicators and patterns, there is a chance of a break building in the near term. There is a contracting triangle pattern formed on the hourly chart (data feed from HitBTC) that may ignite a wave moving ahead.
On the downside, the triangle support area along with the 100 simple moving average may play a crucial role. A move below the triangle support area could take the price back towards the last swing low of 25.0 Satoshis.
Looking at the 2-hours chart (data feed from CEX.IO), it looks like there is a chance of recovery as the price action remains largely above the now developing bullish cloud. A successful close above the 100 MA may take the price higher may be towards the 50% Fib retracement level of the last drop from 41.0 Satoshis to 28.0 Satoshis.
Looking at the indicators:
2H MACD – The 2H MACD is about to move into the bullish zone, which is a positive sign for bulls.
2H RSI – The RSI just climbed above the 50 level, signaling a move in the short term.
Intraday Support Level – 28.0 Satoshis
Intraday Resistance Level – 34.0 Satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View