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Dogecoin Price Technical Analysis – Contracting Range

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Dogecoin Price Technical Analysis – Contracting Range

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • Dogecoin buyers failed on many occasions to take prices above 60.0 Satoshis.
  • Range is contracting on the hourly timeframe, which suggests that a break is on the cards in the near term.

Our highlighted double top pattern is still valid, and as long as the price of Dogecoin is below 60.0 Satoshis, there is a risk of a major decline moving ahead.

Contracting Range

Dogecoin price action is getting complex, and it looks like 60.0 Satoshis is turning out to be a major barrier for buyers. We highlighted a double top pattern in one of the previous analyses, which is still intact. However, just as buyers struggled to take prices higher, sellers too failed to ignite a downside move. Prices are stuck in a range, which is contracting every 4-hours.

Recently, Dogecoin price fell to 52.0 Satoshis where it found buyers and traded back higher. However, 60.0 Satoshis once again acted as a barrier and ignited a down-move. Currently, prices are around the 38.2% Fib retracement level of the last leg from 50.0 Satoshis to 59.3 Satoshis. A break below the same might call for more losses towards the 50% Fib level. The mentioned level is coinciding with the Lower Bollinger Band.

Dogecoin

As it can be clearly seen from the hourly chart of Dogecoin, the Bollinger Bands are shrinking, pointing towards the fact that the range break is near. Both, buyers and sellers need to be very careful, as there can be nasty moves once prices break higher or lower.

Intraday Support Level – 55.0 Satoshis

Intraday Resistance Level – 60.0 Satoshis

When we look at the technical indicators, then we can conclude that the possibility of a break lower is more compared with a move higher. The hourly RSI is below the 50 level and MACD is bending its back towards the bearish zone.

 

Charts courtesy of Trading View

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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