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Dogecoin price ranged between 50 and 55 satoshis throughout yesterday’s trading sessions on Hitbtc. Today’s trading volume on both Cryptsy and Hitbtc seems to be higher than yesterday’s, so there are better chances to see dogecoin price rise again to approach the 60 satoshis mark during today’s trading sessions.
By studying the 4 hour Hitbtc (DOGE/BTC) chart from tradingview.com and plotting the William’s Alligator indicator accordingly (look at the below chart), we can notice the following:
– Although dogecoin price dropped down well below the seemingly strong support level at 52 satoshis last Wednesday, it is now trading around 52 satoshis. The long downwards shadow of the candlestick on the 4th of March reflects the strength of support at 52 satoshis as the market failed to maintain the price below this level.
– The SMAs of the William’s Alligator indicator don’t show a bullish alignment. Despite the fact that generally the sensitivity of William’s Alligator indicator in predicting bullish waves along the (DOGE/BTC) charts is rather low, absence of a bullish alignment of its SMAs can mean that we can’t see a bullish rally soon.
By studying the 1 day Hitbtc (DOGE/BTC) chart from tradingview.com and plotting the RSI and MACD indicator (look at the below chart), we can conclude the following:
– The MACD indicator is in the negative territory and the blue MACD line is below the red signal line so there is no sign of a bullish wave.
– The RSI’s value is now below 30 which means that dogecoin is oversold so we can expect a minor rise in price towards the 60 satoshis level to push the RSI into the 30-70 range.
Conclusion:
Dogecoin price tested the 52 satoshis level during the past few days. Our technical analysis predicts a minor rise that will push the price up near the 60 satoshis mark.
Charts from Hitbtc
