Dogecoin Price Technical Analysis – Trend Line Break Needed

Dogecoin Price Key Highlights

  • Dogecoin price is showing signs of a break, but it needs momentum moving ahead.
  • There is a bearish trend line formed on the hourly chart, which must be cleared for more gains.
  • On the downside, 60.0 Satoshis remains a major hurdle for sellers.

Dogecoin price continued to consolidate, but as mentioned there is an increase in volatility signaling a break ahead.

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Trend Line Break?

We highlighted in yesterday’s analysis that there is an increase in volatility noted, which means there are chances of the price breaking the range trading pattern. Currently, there is a bearish trend line formed on the hourly chart, which is acting as a barrier for buyers in the near term. Moreover, the 100 hourly simple moving average is also adding to the bearish pressure and stalling the upside move. This is not all as the Upper Bollinger Band is sitting along with the 23.6% Fib retracement level of the last drop from 82.0 Satoshis to 59.8 Satoshis at 66.0 Satoshis.

Dogecoin

We can safely say that 66.0 Satoshis is a major resistance zone for buyers, and if there is an hourly close above the mentioned level more gains are possible. The next level of interest in the stated case could be around the 50% Fib retracement level.

On the downside, the last swing low of 60.0 Satoshis holds the key. There were a few attempts already to clear the mentioned level, but sellers failed to take the price below it. If there a close below 60.0 Satoshis, then the next target might be around 54.0 Satoshis.

Intraday Support Level – 60.0 Satoshis

Intraday Resistance Level – 66.0 Satoshis

The hourly RSI and the MACD are showing a few positive bullish signs, which means buyers have the upper hand as of writing.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012