Dogecoin Price Weekly Analysis: 100 MA Holds Key

Dogecoin Price Weekly Analysis

Key Highlights

  • Dogecoin price managed to trade higher and broke a major bearish trend line formed on the 4-hours chart (data feed from HitBTC).
  • There are more gains likely in Dogecoin price, but it could face a monster resistance near the 100 simple moving average (H4 chart).
  • The technical indicators are positive and calling for more upsides in the short term.

Dogecoin price is trading with a positive tone. However, there is a crucial resistance building near 75.0 Satoshis where buyers may struggle.

100 MA as Resistance

Dogecoin price after dipping close to the 54.0 Satoshis found support and started to move higher. There was a major resistance formed near a bearish trend line formed on the 4-hours chart (data feed from HitBTC). The highlighted trend line was coinciding with the 50% Fib retracement level of the last drop from the 79.2 Satoshis high to 54.1 Satoshis low. BUYERS successfully managed to clear the highlighted trend line and resistance area, which resulted in an upside move.

The price is currently finding sellers near the 61.8% Fib retracement level of the last drop from the 79.2 Satoshis high to 54.1 Satoshis low. However, the most important hurdle for buyers is around the 100 simple moving average (4-hours chart). It is also coinciding with the 76.4% Fib level, which means it represents a crucial resistance area.

Dogecoin Price Weekly Analysis

So, there is a chance of sellers stepping near 75.0 Satoshis and one might even consider selling in the short term. On the downside, the broken trend line may now act as a support area if the price moves down.

Looking at the indicators:

4-hours MACD – The MACD is in the bullish zone, which is a positive sign for bulls.

4-hours RSI – The RSI is just above the 50 level, which is an important level to keep an eye on.

Intraday Support Level – 66.0 Satoshis

Intraday Resistance Level – 75.0 Satoshis

 

Charts from HitBTC hosted by Trading View

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Subscribe to our newsletter



Related Posts