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- Dogecoin price is showing a lot of positive signs and there is a possibility of gaining traction.
- There was a crucial bearish trend line formed on the 4-hours chart (data feed from HitBTC), which was broken recently to open the doors for more gains.
- The price is currently trading near the 100 simple moving average on the 4H timeframe, and if it is cleared a move towards 70.0 Satoshis is possible.
Dogecoin price broke a major resistance area this past week. It has increased the chances of it gaining ground during the upcoming week.
Upside to Continue?
Dogecoin price looks like formed a short-term base near the 50.0 Satoshis support area, and appears set for more gains in the days to come. There was a major break noted this past week in the form of a bearish trend line formed on the 4-hours chart (data feed from HitBTC). The price cleared the trend line and resistance area and closed the week above it.
The price is currently struggling to break the 100 simple moving average on the 4H timeframe, and if during the coming sessions the bulls manage to clear it, then a move towards the 70.0 Satoshis is possible. The price may even test the 23.6% Fib retracement level of the last drop from the 130.0 Satoshis high to 47.5 Satoshis, which is just below the 70.0 Satoshis handle.
If the price moves down from the current levels, then the broken trend line may come into the play where the bulls may appear.
Looking at the indicators:
Daily MACD – The MACD is in the bullish zone, which is a positive sign for the bulls.
Daily RSI – The RSI is above the 50 level, calling for more upsides moving ahead.
Intraday Support Level – 52.0 Satoshis
Intraday Resistance Level – 65.0 Satoshis
Charts from HitBTC hosted by Trading View
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.