Dogecoin Price Weekly Analysis – Break Near

Dogecoin Price Key Highlights

  • Dogecoin price after completing our highlighted double top pattern moved lower and created a new low Intraday below 58.0
  • There were many spikes noted on the upside and downside which leaves the price in a range.
  • It looks like both buyers and sellers are in action, which is causing a lot of swing moves.

Dogecoin price moved lower during this past week, but buyers managed to defend sharp losses and pushed it back higher.

Trend Line Support Area

As highlighted in this past week’s analysis, there was a major downside reaction noted in the Dogecoin price. There was a double top pattern on the hourly chart that paved the way for more losses in the near term. The price fell sharply and traded below an important support area of 60.0 Satoshis, and even traded below another support area of 58.0 Satoshis.

Mid Post Ads

Dogecoin

A new low is formed around 57.7 Satoshis, and buyers appeared around the stated level and prevented the downside. There was a sharp upside reaction noted which took the price above the 100 hourly simple moving average. There were many swing moves noted up and down, which looks like a choppy price action. Currently, there is a support trend line formed on the hourly chart, which is acting as a barrier for sellers. If the price moves higher from the current levels, then it might find hurdle around the 100 hourly SMA. Any further gains might be limited around a crucial resistance area of 64.0 Satoshis.

On the downside, the last swing low of 57.7 Satoshis is acting as a support area. A break below it might be critical in the near term.

Intraday Support Level – 57.0 Satoshis

Intraday Resistance Level – 63.0 Satoshis

The hourly RSI and MACD are positioned in the negative zone.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012