Dogecoin Price Technical Analysis – A Repeat of Previous Consolidation?

Dogecoin Price Key Highlights

  • Dogecoin price is once again settling around the bottom half of its range visible on the 1-hour time frame, creating a mini-range just above support.
  • This pattern has been seen in the past, with price favoring a downside break and further losses.

Dogecoin price is currently stuck in a tighter short-term range but could be ready for a breach of support, as this has been the case in the previous consolidation.

100 SMA Resistance

Dogecoin price has made a quick pullback to the 100 SMA, which has served as a dynamic resistance area during the downtrend. This short-term moving average is below the longer-term 200 SMA, indicating that the path of least resistance is to the downside.

Other technical indicators such as stochastic and RSI are less decisive. Both oscillators are on middle ground, barely offering any strong directional clues for the time being.

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Dogecoin price is finding short-term resistance at 44 Satoshis and support at 42 Satoshis, with an upside break of the range likely to take it up to the next resistance at 46 Satoshis or the 200 SMA.

On the other hand, a downside break of support could spur a move to the psychological support at 40 Satoshis, which also coincides with a longer-term area of interest.

Intraday support level – 42 Satoshis

Intraday resistance level – 44 Satoshis

Charts from TradingView

The post Dogecoin Price Technical Analysis – A Repeat of Previous Consolidation? appeared first on NEWSBTC.

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