Dogecoin Price Weekly Analysis – Pattern Continuation Likely

Key Highlights

  • Dogecoin price is struggling to hold the ground, as sellers look in control.
  • There is an ascending channel pattern forming on the hourly chart, as highlighted in this past week’s analysis.
  • The price is trading near the 100 hourly simple moving average, which might produce a move in the near term.

Dogecoin price is likely to continue in a range and might trade inside an ascending channel formed on the hourly chart.

Range Trading Moves

We noticed a down-move in the Dogecoin price, as it moved below the last low of 52.0 Satoshis, and created a new low. There is now an ascending channel pattern forming on the hourly chart, which we highlighted in this past week’s analysis too. The price is currently finding buyers around the channel support trend line, which if breached might open the doors for more losses in the near term. As can be seen in the chart, the price is trading near the 100 hourly simple moving average, but struggling to close above it. The price even traded below the 50% Fib retracement level of the last wave from 51.1 Satoshis to 58.3 Satoshis.

Dogecoin Price Weekly Analysis

If there is a close above the 100 hourly SMA, then a move towards 56.0 Satoshis is possible in the near term. Any further gains might easily take the price towards the channel resistance trend line. Any further gains could be limited as the channel resistance holds the key for more gains in the short term.

On the downside, the last swing low of 51.2 Satoshis might be tested if there is a break below the channel support area.

Intraday Support Level – 53.0 Satoshis

Intraday Resistance Level – 56.0 Satoshis

The hourly RSI has started to move below the 50 level, which is a bearish sign for buyers.

Charts courtesy of Trading View

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Source

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