- Dogecoin price after breaking a contracting triangle recently also broke a major bearish trend line on the hourly chart.
- The price is attempting a convincing close above the 100 hourly simple moving average, which is a positive sign.
- If buyers gain strength we might witness a move higher in the near term.
Dogecoin price managed to settle above a major bearish trend line, suggesting that sellers are now struggling to hold the ground.
An upside move?
The Dogecoin price struggled throughout this past week, but it looks like there are chances of it moving higher this week. There was an important bearish trend line formed on the hourly chart, which was recently breached to open the doors for more gains. However, we need more bullish signs before we can consider it as a real break. The most important one is the 100 simple moving average. The price is currently struggling to settle above the 100 SMA, which is a worrying sign. If buyers manage take the price further higher, then we might look for more upsides in the near term.
On the other hand, the price has managed to close above the 23.6% Fib retracement level of the last drop from 62.0 Satoshis to 54.5 Satoshis. Now, there is a minor bullish trend line formed on the hourly chart, which is likely to act as a support if the price moves lower from the current levels. The next level of selling interest on the upside could be around the 50% fib retracement level.
On the downside, the highlighted bullish trend line holds the key for a move higher.
Intraday Support Level – 56.0 Satoshis
Intraday Resistance Level – 60.0 Satoshis
The hourly RSI is above the 50 level, and pointing more gains in the short term.
Charts courtesy of Trading View