Dogecoin Price Technical Analysis for 24/2/2015 – Bears Strangled

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Dogecoin price yesterday traded between 58 and 60 satoshis on Hitbtc, yet earlier today the price dropped down to 51.6 satoshis before rising up again to 60 satoshis at the time of writing of this article. On the other hand, Dogecoin price traded between 58 and 60 satoshis on Cryptsy throughout yesterday’s trading sessions.

By studying the 1 day Hitbtc (DOGE/BTC) chart from tradingview.com, calculating the 20 day EMA, plotting the MACD indicator and executing the RSI (look at the below chart) , we can notice the following:

• Even though the price dropped down to around 51 satoshis earlier today, it rose up shortly after to rise above the trend line we plotted during earlier analyses.
• Dogecoin price is now below the 20 day EMA, so another dip below the new trend line, can pull the price down to lower levels.
• Today’s earlier price decline continued to prove that support level is still rising as shown by the long downwards shadow of today’s candlestick; however, if the price falls to 57 satoshi again today, we might have to reevaluate the charts to conclude whether or not we can expect a further decline.
• MACD indicator’s value is still at zero level and the red signal line is still above the blue MACD line, so there is no sign of a bullish wave during the upcoming couple of days.
• The value of RSI is now around 41. If the RSI drops below 30, we can expect a bullish wave pushing the price to higher levels, but this doesn’t seem to be probable within the next 8-12 hours.

Conclusion:

Dogecoin price remained within the same range we spotted during the past few days; however, the bears who attempted to pull the price downwards today were almost strangled within an hour. Another dip below the new trend line will require further analysis to outline it’s implications.

Charts from Hitbtc