- We mentioned time and again this past week that there is a major resistance around 60.0 Satoshis, which was breached to open the doors for more gains.
- There is now another barrier formed around 64.0 Satoshis, which is acting as a hurdle for buyers.
- There is a confluence of trend line and Fib level formed around the stated level acting as a resistance.
Dogecoin price managed to clear a critical level, but it still remains at risk as the 64.0 Satoshis is also a major hurdle.
We highlighted recently that the price is facing a major hurdle around 64.0 Satoshis, as there are many things aligned around the stated level. The first one is the 76.4% Fib retracement level of the last leg down from 66.9 Satoshis to 53.5 Satoshis. Second, a crucial bearish trend line on the hourly chart, which is formed connecting swing highs and acting as a major barrier for buyers. The stated resistance area also represents a major swing area, and can be seen as the next level of selling interest.
There is already a strong rejection noted around 64.0 Satoshis, which is a warning sign. However, we cannot deny the fact that there are many support levels on the downside for the price. There is now a bullish trend line formed on the hourly chart, which might provide support on the downside. Moreover, the 100 hourly SMA is also positioned on the downside to help buyers. Let us see how the price trades in the near term.
On the upside, if the price settles above the highlighted resistance area, then more gains towards 70.0 Satoshis are possible.
Intraday Support Level – 60.0 Satoshis
Intraday Resistance Level – 64.0 Satoshis
The hourly RSI and MACD are in the bullish zone suggesting more gains in the short term.
Charts courtesy of Trading View