Dogecoin Price Weekly Analysis – Consolidation Ahead of Break?

Key Highlights

  • Dogecoin price continued to trade in a tiny range and inside two trend lines on the hourly chart.
  • The upper trend line on the hourly chart is acting as a monster barrier for buyers for more gains.
  • However, as long as the price is above the 50 Satoshis, there are chances of more upsides moving ahead.

Dogecoin price continued trade inside a range, and it looks like it is setting for a break in the near term.

Break ahead?

The Dogecoin price is forming an interesting pattern, which is setting up for a break in the short term. As highlighted in the previous week’s analysis there are two trend lines formed on the hourly chart, which are acting as a catalyst for the price. The upper trend line is a major hurdle for buyers, as there are many things aligned around it. First, the 53.0-54.0 Satoshis area is around the trend line, which acted as a support earlier and may stall gains moving ahead. Second, the 38.2% Fib retracement level of the last drop from 58.3 Satoshis to 50.1 Satoshis is positioned around the stated level. Lastly, the 100 hourly simple moving average is around the current price, which is also adding to

Read more ... source: NewsBTC USA