- Dogecoin price stayed above a major support area of 50.0 Satoshis, which is a positive sign.
- The bearish trend line highlighted in yesterday’s post is acting as a barrier for buyers.
- 0-54.0 Satoshis can be seen as a crucial pivot, and if breached more gains are likely.
Dogecoin price popped higher and made one more attempt to break higher, but failed.
54.0 Satoshis as pivot
As we mentioned many times that the support area of 50.0 Satoshis is major zone for buyers and as long as the price is above it, there is a chance of more gains. Yesterday, we highlighted two trend lines. One on the upside and another on the downside around 50.0 Satoshis. On the upside, the bearish trend line is acting as a monster hurdle for buyers. It is sitting near a major pivot of 53.0-54.0 Satoshis that acted as a support earlier and now acting as a resistance. Additionally, the 38.2% Fib retracement level of the last drop from 58.3 Satoshis to 50.1 Satoshis is aligned with the stated trend line and resistance area.
If buyers manage to take the price higher above the trend and the price closes above 54.0 Satoshis, then there is a possibility of more upsides in the near term. A break above the same might take the price towards the 50% Fib level. The price is flirting with the 100 hourly simple moving average, so we need to see whether there is a close possible above 54.0 Satoshis or not as chances of a break escalated in the near term.
On the downside, the bullish trend line and 50.0 Satoshis holds the key moving ahead.
Intraday Support Level – 51.0 Satoshis
Intraday Resistance Level – 53.0 Satoshis
The hourly RSI is above the 50 level, which might encourage buyers.
Charts courtesy of Trading View