Published On: Fri, Aug 7th, 2015

Dogecoin Price Technical Analysis – Heading Towards Break

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Key Highlights
Dogecoin price continued to trade in a range, and the trading range is narrowing as highlighted in yesterday’s post.
The highlighted bearish trend line formed on the hourly chart continued to move lower, increasing the chance of a break.
100 hourly simple moving average is acting as a resistance below the bearish trend line.
Dogecoin price is likely heading towards a break, but we need to see how it goes moving ahead.
Which way?
The Dogecoin price continued to trade in a narrow range, but the fact remains is that the price might be heading towards a break. There are a couple of things aligned, as highlighted in yesterday’s analysis, which are pointing towards a break. The first thing is that the there is a bearish trend line formed on the hourly chart. The trend line is just above the 100 hourly simple moving average. Furthermore, the Upper Bollinger Band is also acting as a barrier for buyers, and adding to the importance of the resistance zone. Moving ahead, buyers need to clear 64.0 Satoshis in order for more gain in the near term.

If buyers manage to clear the range resistance area, then the price may …

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