- 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