Dogecoin Price Technical Analysis – Bearish Turn?

Key Highlights

  • Dogecoin price failed to break the trend lines pattern, which is a worrying sign for buyers in the near term.
  • There are a few bearish signs emerging on hourly chart, suggesting a bearish turn moving ahead.
  • The price is now below the 100 hourly simple moving average, which might ignite a down-move.

Dogecoin price failure to break higher is a major concern for buyers, and might push the price lower if sellers gain control.

Break of 50.0 Satoshis?

The Dogecoin price struggled this past week to gain strength and traded inside two trend lines, as highlighted earlier. The upper bearish trend line is proving to be a major barrier for buyers, as there are already more than 5 attempts made to break it, but buyers failed every time. Now, the price has moved below the 100 hourly simple moving average, which is warning sign and might ignite a bearish rally in the short term.

Dogecoin Price Technical Analysis Dogecoin Price Technical Analysis

On the upside, the bearish trend line and resistance area holds the key. The 23.6% Fib retracement level of the last drop from 58.3 Satoshis to 50.1 Satoshis is sitting near the trend line and adding to the importance of the resistance. A break above the trend line and resistance area could take the price towards the 38.2% Fib level, which is near 53.0 Satoshis. The mentioned level proved a major swing area many times, as it was a support earlier. In short, there are many hurdles on the way up and it won’t be easy for buyers to take the price higher.

On the downside, 50.0 Satoshis is a major support area. Only a break below it might ignite a bear rally.

Intraday Support Level – 50.0 Satoshis

Intraday Resistance Level – 53.0 Satoshis

The hourly RSI is around the 50 level, and waiting for a break moving ahead.

 

Charts courtesy of Trading View

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