- Dogecoin price fell further Intraday and traded close to a major support area of 50.0 Satoshis.
- 0 Satoshis acted as a barrier and pushed the price higher.
- There is a monster support trend line sitting near 50.0 Satoshis, acting as a hurdle for sellers.
Dogecoin price moved lower and closer to a trend line and support area where buyers appeared to prevent downsides.
53.0 Satoshis as resistance
Yesterday, we mentioned that there was a downside reaction in the dogecoin price, which took it closer to a major support area of 50.0 Satoshis. The downside move was accelerated yesterday, taking the price towards 50.0 Satoshis. There was a new low formed at 50.1 Satoshis. However, there was a monster support trend line formed on the hourly chart (as highlighted in this week’s post) which acted as a barrier for sellers. The price found support near the trend line and bounced sharply.
The price moved above the 23.6% Fib retracement level of the last drop from 58.3 Satoshis to 50.1 Satoshis, which is a positive sign in the near term. However, there is a major resistance near 53.0 Satoshis that acted as a support earlier and now acting as a hurdle for buyers. One positive to note is the fact that the price settled above the 100 hourly simple moving average. So, if the buyers manage to close the price above the 53.0 Satoshis resistance area, then the price might head towards the 50% fib retracement level.
On the downside, the 100 hourly simple moving average can act as a support. A break below it might negate the current bullish view for the Dogecoin price.
Intraday Support Level – 52.0 Satoshis
Intraday Resistance Level – 53.0 Satoshis
The hourly RSI is above the 50 level, which is a bullish sign.
Charts courtesy of Trading View