Key Highlights

Dogecoin’s price stayed in a range, and is now forming a contracting triangle on the hourly chart (data feed from HitBTC).

There is a chance that the price may consolidate for some time before breaking in a direction, either up or down.

Looking at the 2-hour chart (data feed from IO), a major breakout resistance is forming near 32-33 satoshis.

Dogecoin’s price is below the 100 MA (2H), which is discouraging buyers from taking it higher. A break above it may call for an upside move in the short term.

What’s next?

Dogecoin’s price continued to annoy traders, as there was no real movement and it stayed in a tiny range. There is a contracting triangle pattern forming on the hourly chart (data feed from HitBTC), which is stalling a break at the moment. An important aspect to note is the fact that the price was mostly below the 100-hour simple moving average, and is currently below it.

As long as the price is below the below the 100 MA, it remains at a risk of a break lower. There were a couple of nasty spikes down, but somehow buyers managed to defend the 24-25-satoshi support area successfully. On the upside, a break above the 100 MA and triangle’s resistance area may open the doors for a move higher towards 38 satoshis.

An initial resistance on the upside is around a major bearish trend line formed on the 2-hour chart (data feed from CEX.IO), which is also aligned with the 100 MA. Overall, the 32-33-satoshi area may act as a pivot for Dogecoin prices moving ahead.

Looking at the Indicators

Hourly MACD – The Moving Average Convergence Divergence is mostly flat, suggesting low volumes and range trading.

Hourly RSI – The Relative Strength Index is just below the 50 level, and there is no real sign of a move ahead.

Intraday Support Level – 28 satoshis

Intraday Resistance Level – 32 satoshis

Charts from HitBTC and CEX.IO; hosted by Trading View