- Dogecoin price created a minor new low of 51.0 Satoshis, and managed to correct higher in the short term.
- As mentioned in the previous week’s analysis, there is a significant resistance around the 100 hourly simple moving average.
- A break above it might ignite an upside reaction, taking the price higher moving ahead.
Dogecoin price might trade higher if buyers manage to clear the 100 hourly MA and a bearish trend line.
There was a continuous rejection around the last swing low of 51.0 Satoshis, where sellers struggled to clear the mentioned level. The price is currently attempting to trade higher, and facing a lot of resistance on the upside in the near term. There is a bearish trend line on the hourly chart, which might act as a barrier moving ahead. Moreover, the 100 hourly simple moving average is aligned with the highlighted trend line and resistance area. So, there is a major hurdle forming around 53.0 Satoshis, which might prevent upside moves in the near term.
Moreover, the 38.2% Fib retracement level of the last drop from 58.3 Satoshis to 51.0 Satoshis is above the highlighted trend line and resistance area. So, it won’t be easy for buyers to take the price above 53-54.0 Satoshis in the near term. If buyers manage to take the price above it, then the 50.0% Fib retracement level of the last drop might come into play.
On the downside, the last low of 51.0 Satoshis might continue to prevent losses moving ahead. A break below it could take the price further lower may be towards 50.0 Satoshis.
Intraday Support Level – 51.0 Satoshis
Intraday Resistance Level – 53.0 Satoshis
The hourly RSI and MACD are attempting to move in the bullish zone, which is a positive sign.
Charts courtesy of Trading View