- Dogecoin price managed to clear an important support area of 60.0 Satoshis, but found resistance around a bearish trend line.
- A contracting triangle pattern is formed on the hourly chart, which might act as a catalyst in the near term.
- The price is still below the 100 hourly simple moving average (SMA), which is a worrying sign for buyers.
Dogecoin price making an attempt to move higher, but struggling to clear the 100 SMA, which is acting as a barrier.
Importance of 100 SMA
We stated yesterday that the price below 60.0 Satoshis is a bearish call and it was seen struggling to clear the stated level. However, there was one new minor low was formed, as the price fell towards the 76.4% Fib retracement level of the last wave from 53.5 Satoshis to 65.9 Satoshis. It where the price found bids and traded higher, and even managed to break the 60.0 Satoshis resistance area. However, the upside was stalled around the bearish trend line highlighted yesterday. The most important point is that the same trend line is aligned with the 100 hourly simple moving average. So, there