- 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.