Dogecoin Price Weekly Analysis – Further Gains Possible?

Key Highlights

  • Dogecoin price spiked higher this past week and closed above a major resistance of 50.0-52.0 Satoshis.
  • There was a bearish trend line formed on the 4-hours chart (data feed from HitBTC), which was broken to clear the way for more gains.
  • The price is currently attempting to break the 100 simple moving average on the 4H timeframe, i.e. currently acting as a resistance.

Dogecoin price may gain further in the near term. However, for that to happen the price needs to break the 100 SMA on H4 chart.

Can Dogecoin Price Gain Momentum?

Dogecoin price weakened initially this past week and traded below the 50.0 Satoshis, but managed to recover later on. The price traded as low as 47.5 Satoshis before climbing back higher. The price traded positively and managed to break a bearish trend line formed on the 4-hours chart (data feed from HitBTC).

The price also settled above the 23.6% Fib retracement level of the last wave down from the 64.0 Satoshis high to 47.5 Satoshis low. Dogecoin price is currently trading near the 100 simple moving average on the 4-hours chart and finding offers near the same. It might be hard for the bulls to break the 100 SMA, as the 38.2% Fib retracement level of the last wave down from the 64.0 Satoshis high to 47.5 Satoshis low is also positioned around the highlighted resistance area.

Dogecoin Price Weekly Analysis

Dogecoin Price Weekly Analysis

If you are looking to buy Dogecoin, then you can consider if it breaks the 100 SMA, but only with a tight stop of not more than 2 points.

Looking at the indicators:

4-hours MACD – The MACD is in the bullish zone, which is a positive sign for the bulls.

4-hours RSI – The RSI is also above the 50 level, suggesting for more gains in the near term.

Intraday Support Level – 52.0 Satoshis

Intraday Resistance Level – 54.0 Satoshis

 

Charts from HitBTC hosted by Trading View

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