- Dogecoin price struggled to hold the ground and traded lower to set a new low below 54.0 Satoshis.
- There was a bullish trend line formed on the hourly chart, which was breached and failed to help buyers.
- There is a major resistance forming around 60.0 Satoshis, which must be cleared for more gains.
Dogecoin price after setting a new low corrected higher, but facing a major resistance around 60.0 Satoshis.
We highlighted recently that price struggled to close above the 100 hourly simple moving average, there was a bullish trend line formed on the hourly chart. The trend line was breached by sellers to push the price below the last swing low of 54.0 Satoshis. A new low was formed at 53.5 Satoshis. The price is currently correcting higher, but facing a lot of barriers on the upside.
There is a monster resistance formed around 60.0 Satoshis. As well all know that the stated level acted as a pivot area many times, and it might continue to do so in the near term. Moreover, the 50% Fib retracement level