Dogecoin Price Technical Analysis – Narrowing Range

Dogecoin Price Key Highlights

  • Dogecoin price continued to trade in a range, but it looks the range is narrowing.
  • The price is heading towards a break, as there is a bearish trend line formed on the hourly chart on the upside and support near 60.0
  • Range is now 60-64 Satoshis, which is contracting as the trend line is moving lower.

Dogecoin price might be finally heading towards a break as the trading range started to shrink.

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Trend Line Resistance

The Dogecoin price consolidation phase extended for one more day, as the price continued to trade in a range. However, we can safely say that there might be a break moving ahead, as there is a contracting range pattern forming on the hourly chart. On the upside, there is now a bearish trend line formed on the hourly chart (highlighted in yesterday’s post), which is just around the 100 hourly simple moving average. Moreover, the Upper Bollinger Band is also positioned around the highlighted trend line. So, there is a major range resistance pattern forming, which is currently around 64.0 Satoshis. It might shrink as the trend line moves lower.

Dogecoin Price

A break above the range resistance area could take the price towards an initial hurdle around the 23.6% Fib retracement level of the last drop from 82.0 Satoshis to 59.8 Satoshis. A break and close above it could take the price towards the next barrier, i.e. the 50% Fib retracement level.

On the downside, the most important support area is around the Lower Bollinger Band, which is around 60.0 Satoshis. A close below the mentioned level could put the price for a test of 54.0 Satoshis.

Intraday Support Level – 60.0 Satoshis

Intraday Resistance Level – 64.0 Satoshis

The hourly RSI and MACD continue to play flip-flop, which hardly matters considering the current price action.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012