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 the bearish pressure.

Dogecoin Price Weekly AnalysisDogecoin Price Weekly Analysis

Let us see whether buyers can manage to clear the trend line and resistance area or not. A break and close might take the price towards the 61.8% Fib level.

On the downside, as mentioned time and again 50.0 Satoshis is a major support area. Moreover, the stated level is also aligned with a bullish trend line formed on the hourly chart.

Intraday Support Level – 51.0 Satoshis

Intraday Resistance Level – 53.0 Satoshis

The hourly RSI is around the 50 level, which means there is a chance of a break moving ahead.

 

Charts courtesy of Trading View

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