Dogecoin Price Technical Analysis – Upside Break and Reversal

Key Highlights

  • Dogecoin price traded higher and cleared a major bearish trend line as highlighted in yesterday’s analysis.
  • The price traded towards a crucial resistance area of 67.0 Satoshis where it found sellers.
  • The price is now back lower and trading near the broken resistance (now support) at 58.0

Dogecoin price spiked higher and cleared an important resistance area of 60.0 Satoshis to trade near 67.0 Satoshis.

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There was an upside break noted in the Dogecoin price Intraday, as an important resistance area of 60.0 Satoshis was cleared. Moreover, the price also breached the 100 hourly simple moving average, and a bearish trend line formed on the hourly chart, as highlighted in yesterday’s analysis. The upside move was swift, as the price climbed towards a critical barrier of 67.0 Satoshis. Sellers were found active around the stated level, which caused a downside reaction.

Dogecoin

The price moved back lower after testing 67.0 Satoshis, and trimmed more than 50% of gains. The 50% fib retracement level of the last move from the 54.9 Satoshis to 66.9 Satoshis was breached. The price is currently trading below the 61.8% Fib retracement, but there is no close below it yet. There are chances that the price might move higher one more time, as the 100 hourly moving average is sitting around the current levels and could provide support to buyers. If buyers fail to defend the downside, then a retest of the last swing low of 54.0 Satoshis is possible.

On the upside, an initial resistance is around 63.0 Satoshis, followed by the last swing high of 67.0 Satoshis.

Intraday Support Level – 55.0 Satoshis

Intraday Resistance Level – 58.0 Satoshis

The hourly RSI and MACD are well in positioned in the bullish zones, pointing towards more gains in the near term.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012