- Dogecoin continued to move lower as can be seen clearly on the daily chart.
- 5 satoshis is a major hurdle for Dogecoin where buyers might continue to struggle in the near term.
The Daily Dogecoin/Bitcoin price chart suggests that sellers are in control, as Dogecoin moved lower to test 30 satoshis. It managed to find support and traded back higher, but found resistance around an important bearish trend line. There is a major cluster of hurdles formed at 39.5-40.8 satoshis, which is coinciding with the highlighted trend line. The Dogecoin price is also below the middle band of Bollinger bands, pointing that it is in a downtrend and might continue to trade lower in the short term.
MACD Changing Slope?
There is a hope that Dogecoin prices might break the resistance and trade higher, as the daily MACD looks like about to change slope moving ahead. Moreover, there is a crossover likely to form that might encourage buyers.
One important thing to note is that the daily RSI is well below the 50 level, and just as Bollinger bands it is highlighting the fact that there is a lot of bearish pressure on Dogecoin. As long as the price of Dogecoin is below the mentioned bearish trend line, it could head back lower in the short term.
Intraday Support Level – 39.5 Satoshis
Intraday Resistance Level – 35.0 Satoshis
If the price of Dogecoin breaks above the trend line, it might easily test the 20-day simple moving average. On the downside, an initial support can be around 35.0 satoshis. Any further losses might set Dogecoin for a retest of the last low of 30.0 satoshis.
If you are looking forward to buy Dogecoin, then you can consider it once prices settle above 40.8 satoshis.
Charts courtesy of Trading View