Dogecoin Price Technical Analysis for 19/03/2015 – Breakout Happening!

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After a few days of tight consolidation, dogecoin price indicated further upside after breaking to the top of its range on the short-term chart. Looking at the 4-hour dogecoin price chart against bitcoin from Hitbtc shows that this pair might gain upward momentum.

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If the resistance at the 100 EMA holds, price could still retreat to the range and possibly test support at 47 satoshis. A follow-up moving average crossover, however, might indicate that a longer-term uptrend is about to take place, with price potentially heading up to the next area of interest at 55 satoshis.

The recent pickup in volatility was probably spurred by the FOMC statement, which saw dollar losses during the actual event. This also seemed to spark a bitcoin sell-off across the board, as traders probably reduced their higher-risk holdings afterwards.

If the longer-term dogecoin price sell-off resumes, the cryptocurrency could trade as low as 40 satoshis eventually. However, this support area hasn’t been tested in a while and it appears that market participants are trying to push dogecoin price action a little higher.

Conclusion

While the longer-term downtrend for dogecoin price is still intact, the recent upside break from the tight consolidation suggests further upside in the short run. The moving averages might still hold as dynamic inflection points but stochastic is also supporting more buying pressure for the cryptocurrency.

Chart from hitbtc