Dogecoin Price Key highlights
- Dogecoin price is still stalling around the near-term support level, which has held since yesterday.
- Price has pulled back to the dynamic resistance at the 100 SMA and made another attempt to break below the support at 47.5 Satoshis.
Dogecoin price is currently hovering at the consolidation support level and latest lows, with a potential downside break likely to confirm a pickup in selling pressure.
Further consolidation possible
The lack of any market catalysts or liquidity could open the possibility of further sideways movement for dogecoin price, as the current support at 47.5 Satoshis is holding stubbornly. This might even lead to a bounce up to the previous highs or moving averages around 50 Satoshis.
A break above the previous pullback area or moving averages could signal that a short-term reversal is in order or that a large correction might be in play.
Reviewing past dogecoin price action indicates that consolidation-pullback patterns are typically followed by stronger downside breakouts, which might be the case this time. Based on the previous breakdown, the move could take price down to 45 Satoshis before another consolidation situation takes place.
Intraday support level – 47.5 Satoshis
Intraday resistance level – 50 Satoshis
Charts courtesy of TradingView