- Dogecoin price declined sharply this past week, and struggled to gain bids.
- A new low was formed around 52.6 Satoshis where sellers failed and buyers took control.
- 100 hourly simple moving average continued to act as a pivot zone for buyers and sellers.
Dogecoin price after a sharp decline towards 52.6 Satoshis is making an attempt to trade higher in the short term.
Trend Line Break?
There was a downside reaction this past week in the Dogecoin price, as it moved towards the 52.6 Satoshis support area. Currently, buyers are making an attempt to take the price higher in the near term, but they faces a lot of hurdles on the way up. There is a bearish trend line formed on the hourly chart, which is acting as a barrier for buyers. Moreover, the 23.6% Fib retracement level of the last drop from 63.0 Satoshis to 52.6 is also positioned around the same trend line. Furthermore, the most crucial barrier for buyers is the 100 hourly SMA, which is positioned just above the trend line and resistance area.
In short, there is a critical swing area formed around 55.0 Satoshis, and there are chances of the price struggling around it. If buyers manage to clear it, then the price could move towards the next swing area of 58.0 Satoshis. The hourly RSI is below the 50 level, which is a concerning sign. Let us see how the price trades in the near term and whether it can trade higher or not.
On the downside, an initial support area can be seen around the last low of 52.6 Satoshis, followed by 52.0 Satoshis.
Intraday Support Level – 52.6 Satoshis
Intraday Resistance Level – 55.0 Satoshis
The hourly MACD is making an attempt to move in the bullish zone, but it is not convincing enough for a break higher.
Charts courtesy of Trading View