Dogecoin Price Remains at Risk for Key Reasons

Dogecoin Price Key Highlights

  • Dogecoin price continued to weaken, as sellers remain in control.
  • The price has settled below an important support area of 60.0 Satoshis, which leaves it at risk of more declines.
  • A new low below 55.0 Satoshis was formed, as buyers failed to defend losses.

Dogecoin price traded lower this past week, and even breached a crucial support area of 60.0 Satoshis.

More Losses?

As mentioned earlier, there was a downside move in the Dogecoin price this past week. There are a couple reasons due to which the recent break is critical. First, the price settled below an important support area of 60.0 Satoshis. Second, the price is now below the 100 hourly simple moving average. Lastly, there is a bearish trend line formed on the hourly chart, which is acting as a barrier for buyers in the near term.

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If the price corrects higher from current levels, then an initial resistance is around the highlighted bearish trend line. Moreover, the 23.6% Fib retracement level of the last drop from 70.0 Satoshis to 54.6 Satoshis is also just above the trend line. So, 58.0 Satoshis might act as a major hurdle for an upside move. A break above it could take the price towards the next important barrier, i.e. the 100 hourly SMA. The mentioned MA is coinciding with a major pivot area of 60.0 Satoshis. So, it is likely to stall gains if the price moves higher from here.

On the downside, the last low of 54.0 Satoshis can act as a support area for buyers, but a break below it might call for a move towards 50.0 Satoshis.

Intraday Support Level – 55.0 Satoshis

Intraday Resistance Level – 58.0 Satoshis

The hourly RSI and MACD are well in the bearish zone, pointing more losses in the near term.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012