Dogecoin Price Technical Analysis – Poised for Higher High

Key Highlights

  • Dogecoin price after clearing a major resistance around 60.0 Satoshis traded higher, but struggling to retain the bullish bias.
  • A support trend line is formed on the hourly chart, i.e. acting as a barrier for sellers in the near term.
  • The price is above the 100 hourly simple moving average, which is a positive sign for buyers.

Dogecoin price continues to gain bids, but it looks like they might struggle in the near term as sellers start to step in.

Mid Post Ads

Trend line support

We recently highlighted a trend line on the hourly chart, which is playing well to help buyers. There was a major break noted earlier, as the price broke 60.0 Satoshis to surge higher. The mentioned break helped the buyers to gain pace and take the price higher. The most important point is the fact that the price is above the 100 hourly simple moving average (SMA), which might help further for the price to move higher. This is not all, as the highlighted trend line is moving along with the 100 hourly SMA. The Lower Bollinger Band sitting around the trend line is a signal that buyers are here to stay.

Dogecoin

So, as long as the price is above the trend line and support area more gains are possible. A break below the trend line could take the price towards the next support area of 60.0 Satoshis. The stated level acted as a resistance earlier and now might act as a support if the price dips from the current levels.

On the upside, a break above the last swing high of 66.0 Satoshis might ignite more gains in the near term.

Intraday Support Level – 60.0 Satoshis

Intraday Resistance Level – 64.0 Satoshis

The hourly RSI and MACD are weakening which is a negative signs.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012