- Dogecoin price dived lower, and the recent trend line break turned out to be a false one.
- The price moved below the last low to create a new low around 52.6 Satoshis.
- 100 hourly simple moving average is acting as a monster resistance, as buyers failed to break it.
Dogecoin price moved lower below the last low to open the doors for more losses in the near term may be towards 50.0 Satoshis.
Move towards 50.0 Satoshis?
We highlighted recently that there might be a false break on the hourly chart of Dogecoin, as there was a trend line break but it was not convincing due to no follow through. Since buyers failed to take the price higher, there was a nasty downside reaction. The price moved lower and fell below the last low of 54.5 Satoshis to trade near 52.6 Satoshis. The recent move might be a critical one, as the 54.5 Satoshis support area was very important. A break below it is a signal for more losses in the short term.
There is now a descending channel