Dogecoin Price Weekly Analysis – Important Trend Line Support


    Dogecoin Price Key Highlights

    • Dogecoin price spiked higher twice but both times it found resistance near 49.0 Satoshis.
    • There is a critical bullish trend line formed on the hourly chart, which is acting as a support area for the price.
    • The price is currently above the 100 hourly simple moving average, which is a good sign for bulls.

    Dogecoin price managed to gain traction and spiked higher, but sellers managed to defend successfully the key levels.

    Can Sellers make it?

    The Dogecoin price showed some signs of relief, as it climbed higher to trade above the 40.0 Satoshis resistance area. The price even managed to settle above the 100 hourly simple moving average. There is a bullish trend line formed on the hourly chart of the Dogecoin price, which is acting as a support area and preventing the downside. The 100 hourly MA is now attempting to align with the highlighted trend line and support area, which will be an add-on for the support. Moreover, the 61.8% Fib retracement level of the last move from the 36.4 Satoshis low to 48.8 Satoshis high is currently acting as a support area.

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    Dogecoin Price Weekly Analysis

    It won’t be easy for the sellers to take the price below the trend line and support area. A break below it might take the price towards the 38.0 Satoshis level, which is a pivot area. Any further downsides may push the price towards the last swing low. On the upside, there is a chance of a double top pattern forming around 48.8 Satoshis.

    If the double top pattern is valid, then we might witness a break and losses.

    Intraday Support Level – 40.0 Satoshis

    Intraday Resistance Level – 44.0 Satoshis

    The hourly RSI is below the 50 level, which suggests that there is a chance of a break lower moving ahead.

    Charts courtesy of Trading View

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