- Dogecoin price continued to trade inside the highlighted trend lines and failed to break in one direction.
- As long as the price is above the 50.0 Satoshis support area more gains are possible in the near term.
- Buyers need to clear 53.0-54.0 Satoshis if they have to take the price higher moving ahead.
Dogecoin price stayed above 50.0 Satoshis, but there was no break above the trend line and resistance area.
There was no break in the Dogecoin price, as it continued to trade inside the two highlighted trend lines as mentioned in yesterday’s post. The price stayed above the support area of 50.0 Satoshis, which holds the key in the near term. We stated yesterday that there is a crucial barrier forming around 53.0-54.0 Satoshis. There are many things aligned around the stated level. There is a bearish trend line formed on the hourly chart, which is stalling gains in the short term. Furthermore, the 38.2% Fib retracement level of the last drop from 58.3 Satoshis to 50.1 Satoshis is also around the trend line acting as a resistance for the price.
We need to see how long the price can stay below the trend line and resistance area. A break above the same might call for more upsides may be towards the 50% Fib level. There is still no convincing break above the 100 hourly simple moving average, which is a worrying sign in the near term.
On the downside, there is a bullish trend line formed on the hourly chart. It is coinciding with 50.0 Satoshis, which is a major support and holds a lot of importance in the near term.
Intraday Support Level – 51.0 Satoshis
Intraday Resistance Level – 53.0 Satoshis
The hourly RSI is still above the 50 level, which might help buyers.
Charts courtesy of Trading View