Dogecoin Price Technical Analysis – Important Signs of Weakness

Key Highlights

  • Dogecoin price failed to hold gains, and moved below an important support area to call for more losses.
  • The support trend line on the hourly chart as highlighted yesterday was breached to encourage sellers.
  • The price has also moved below the 100 hourly simple moving average, which is a warning sign in the near term.

Dogecoin price after failing to move above 66.0 Satoshis moved lower and broke an important support trend line.

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Trend line break

We followed a support trend line on the hourly chart, which was acting as a hurdle for sellers. However, they managed to clear the highlighted trend line to open the doors for more losses in the short term. One critical aspect was that the 100 hourly simple moving average (SMA) was also breached during the downside drift, which is a signal that buyers are struggling to hold the ground. Currently, the price is supported by the Lower Bollinger Band, which is aligned with the 38.2% Fib retracement level of the last wave from 53.5 Satoshis to 65.9 Satoshis.


A break below the same might push

Read more ... source: TheBitcoinNews