Dogecoin Price at Major Crossroads for Two Reasons

Key Highlights

  • Dogecoin price remained under the bearish pressure, but trading near a major resistance area.
  • The price is at a major crossroads, as there lies a crucial barrier around 58.0 Satoshis for buyers to break.
  • The price continued to trade below the 100 hourly simple moving average (SMA), which is a warning sign.

Dogecoin price struggled recently to trade higher, as sellers remained in control and the 100 SMA acted as a hurdle.

Sellers in Control

There was a solid downside move noted in the Dogecoin price, as there was a break below a triangle pattern formed on the hourly chart. However, the upper trend line of the triangle pattern is still in play and acting as a hurdle for buyers. Moreover, there is a new small triangle pattern formed on the hourly chart, which is likely to act as a mover in the coming sessions.

DogecoinDogecoin

There are many resistances on the way up for the price, starting with the triangle upper trend line. The next important area could be around the 100 hourly simple moving average, which is positioned just above the triangle. Furthermore, we have our long followed bearish trend line, which acted as a hurdle for buyers time and again. The trend line resistance is also aligned with the 23.6% Fib retracement level of the last drop from 66.0 Satoshis to 55.2 Satoshis. In short, there is a breakout area forming around 56-58.0 Satoshis. If there is a break above the stated resistance area more gains are possible.

On the downside, the triangle support trend line might play a critical role in the near term for sellers.

Intraday Support Level – 56.0 Satoshis

Intraday Resistance Level – 58.0 Satoshis

There are no signs of a break on the hourly RSI and MACD, so might have to wait for a while.

 

Charts courtesy of Trading View

TheBitcoinNews.com – leading Bitcoin News source since 2012