Dogecoin Price Key Highlights
- Dogecoin price failed to move higher as anticipated in yesterday’s analysis and remains at risk of a break lower.
- The price is trading around an important support area that holds the key in the near term.
- On the upside, the 100 hourly MA may act as a resistance moving ahead.
Buyers struggled to keep Dogecoin price higher, and as a result the chance of a break lower increased Intraday.
Trend Line Support Area
We have been following a critical bullish trend line on the hourly chart of Dogecoin price, which provided support many times. Currently, the price is trading near the stated trend line, i.e. protecting losses as of writing. However, there is a lot of weakness noted, as the price is below the 100 hourly simple moving average. It is becoming more and more difficult for buyers to hold the losses. Let us see if sellers manage to take the price below the highlighted trend line, as the risk of a break increased.
If there is a break below the bullish trend line, then an intermediate support can be seen around 76.5 Satoshis, which acted as a pivot area earlier. Any further declines could take