- Dogecoin price is in a minor uptrend and it looks like it might head higher in the near term.
- There is a major bullish trend line formed on the hourly chart, which may provide support moving ahead.
Dogecoin price failed time and again to move lower, which means the chances of it trading higher is increasing.
This past week we highlighted a triangle pattern, which was breached towards the upside and opened the doors for more upsides in the short term. However, gains were limited, as the price struggled around 78.0 Satoshis where sellers took a stand and stalled the upside. One major bullish point to note from the chart is the fact that the price is above the 100 hourly simple moving average.
Moreover, there is a bullish trend line formed on the hourly chart, which might provide support if the price moves lower from the current levels. Furthermore, the 50% Fib retracement level of the last leg from the 63.5 Satoshis to 78.9 Satoshis. In short, there is a major support area building around 72.0 Satoshis. One key point here is that the mentioned level is a swing area, which acted as a support and resistance on many previous