- Dogecoin price is moving in a much larger range compared to its previous tight short-term consolidation.
- Price seems to have bounced off the bottom of the range around 43 to 44 Satoshis and may be headed back to the top.
Dogecoin price stepped up its volatility in the recent trading range, breaking below its short-term consolidation but still unable to make further headway south.
Headed for resistance?
Technical indicators on the 1-hour chart of dogecoin price suggest that it is headed back towards resistance at 48 Satoshis. Stochastic is pointing north, suggesting a pickup in buying pressure, while RSI is also moving out of the oversold zone.
However, the 100 SMA is currently below the 200 SMA on the short-term chart, signaling that another test of support might take place. A break in either direction of the small flag pattern could confirm where dogecoin price is headed next.
Near-term support at 44 Satoshis appears to be keeping losses at bay but there’s still a chance that price could dip to the actual range support near 42 to 43 Satoshis. A break below this level would indicate a surge in long-term bearish pressure. On the other hand, a move past 45 Satoshis could put it on track to testing the top of the larger range.
Intraday support level – 44 Satoshis
Intraday resistance level – 45 Satoshis
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