- Dogecoin rocketed higher, and our buying dips idea worked as highlighted in yesterday’s analysis.
- The price surged higher and traded close to 90.0 Satoshis where sellers appeared.
- 100 MA continued to act as a pivot area for buyers and might help them to gain traction moving ahead.
We forecasted yesterday that a reaction is likely around the 100 hourly MA, which did happen and took the price higher.
Can Sellers Overcome Pressure?
Yesterday, we highlighted that there is a chance that Dogecoin price might find support around the 100 hourly simple moving average. The price tested the mentioned support area and traded higher. There was a nasty reaction towards the upside, as the price rallied more than 10% to trade near 90.0 Satoshis.
The price is currently correcting lower, and the most interesting point is that the 100 SMA is again playing its part and acting as a support. The Lower Bollinger Band is also around the same support area, which is coinciding with the 76.4% Fib retracement level of the last wave from 70.0 Satoshis to 89.8 Satoshis. In short, 74.0 Satoshis can again be seen as a buying zone in the near term as buyers might