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Dogecoin price ranged between 48 and 50 satoshis throughout today’s trading sessions on hitbtc. The beginning of March witnesses a drop in dogecoin price from 58 satoshis to around 50 satoshis which coincided with the bullish rally that controlled bitcoin’s market. At the moment, it is not clear, whether or not the price will rise again to consolidate above the 52 satoshis level which supported the price for months.
By studying the 1 day Hitbtc (DOGE/BTC) chart from tradingview.com, plotting Fibonacci retracement levels across a trend line that extends between the low reached on the 10th of August (12 satoshis) and the high printed on the 26th of September (117 satoshis), calculating the 20, 50 and 100 period EMAs and plotting the MACD indicator and RSI (look at the below chart), we can notice the following:
- Dogecoin price is now well below the 20, 50 and 100 period EMAs which reflects the overall bearish trend of this period.
- Dogecoin price is now slightly below the 38.2% Fibonacci retracement level at 52 satoshis. When the price fell down to 40 satoshis on the 10th of March, the RSI dropped below 40; in other words, at 40 satoshis, dogecoin is oversold. If dogecoin price rises again above 52 satoshis, the recent bearish wave can be nothing more than an overshoot below the 38.2% Fibonacci retracement level.
- The MACD indicator is in the negative territory, yet it is close to the zero level and shows no sign of an upcoing bullish wave.
Conclusion:
Dogecoin price seems to be traveling indecisively around 50 satoshis. Our technical analysis predicts dogecoin price to rise within the following few days above 52 satoshis which supported dogecoin price for months.
Charts from Hitbtc
