- Dogecoin price continued to trade above an important support area of 52.5 Satoshis, which is a swing area.
- There is a bearish trend line formed on the hourly chart, which is acting as a minor resistance for buyers.
Dogecoin price might move higher in the near term, as buyers successfully defended 52.5 Satoshis many times.
52.5 As a Support
The Dogecoin price continued to find bids around a major support area of 52.5 Satoshis. Sellers made several attempts recently to clear the stated level, but every time buyers managed to defend the downside. There is also a support trend line formed around the same area, which is also helping buyers in preventing more losses in the near term. No doubt, if sellers make one more attempt it won’t be easy for them to break the highlighted trend line and support area.
Currently, the price is trading above the 100 hourly simple moving average, which is a positive sign. However, there is a bearish trend line formed on the hourly chart, connecting all recent swing highs acting as a resistance for