- Dogecoin price completed our double top pattern, and created a new low Intraday below 60.0
- There was a sharp reaction upwards, which took the price above the last high of 67.0
- There was a choppy price action noted, as there were many swing moves during the past couple of sessions.
Dogecoin price traded in a rough fashion during the last couple of sessions, as can be seen in the attached chart.
Choppy Price Action
There was a downside reaction noted in the Dogecoin price, as our highlighted double top pattern on the hourly chart worked. The price fell below the last swing low of 60.0 Satoshis, and formed a new low of 58.4 Satoshis. However, there was a nasty upside reaction noted around the stated area. The price spiked higher, managed to clear all major resistances and even posted a new weekly high above the last high of 67.0 Satoshis. It traded as high as 70.2 Satoshis where sellers appeared to prevent any additional upside moves.
The best part is that a bullish trend line highlighted in yesterday’s post is still in play, as there was no close below it. Let us see how the price trades in the near term, as there are already many swing moves noted during the past couple of sessions. The price is above the 100 hourly simple moving average, which is a positive sign and might take it higher in the near future.
On the upside, an initial resistance is around the 67.0 Satoshis area. A break above it could take the price towards the recent high formed at 70.2 Satoshis in the short term.
Intraday Support Level – 60.0 Satoshis
Intraday Resistance Level – 63.0 Satoshis
The hourly RSI and MACD are positioned in the bullish zones, highlighted gains moving ahead.
Charts courtesy of Trading View