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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Price Technical Analysis – Target Hit, What’s Next?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
doge analysis_target hit

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Key Highlights

  • Dogecoin sellers were crushed, as the price surged higher to trade above a critical resistance area of 53.2 Satoshis.
  • It traded close to 60.0 Satoshis where sellers managed to defend more gains.

Recent gains in Dogecoin were impressive, but buyers need to be careful moving ahead as it is now approaching a crucial area around 60.0 Satoshis.

In Yesterday’s post, we highlighted that 53.2 Satoshis is a major barrier for buyers, and if they manage to clear it more upsides are likely. Dogecoin price moved higher, closed above the mentioned resistance, and even traded above 58.0 Satoshis. Volatility has picked up Intraday, which suggests that the chances of swing moves are very high.

If the price struggles to clear 60.0 Satoshis, then it could correct lower towards the 50% Fib retracement level of the last leg from 49.2 Satoshis to 59.9 Satoshis. The most important point is that the mentioned Fib level is aligned with the middle band of Bollinger bands, highlighting that 54.4-6 Satoshis is a major support area.

Dogecoin

Any further losses might take the price towards a bullish trend line as drawn in the chart attached. The possibility of it breaking the trend line is very less, as sellers might tussle in the near term.

Can it settle above 60.0 Satoshis?

We cannot deny that buyers have the upper hand, which means they might make one more attempt to take prices above 60.0 Satoshis. It would be interesting to see the follow through in that situation.

Intraday Support Level – 54.4 Satoshis

Intraday Resistance Level – 60.0 Satoshis

There is a minor divergence on the hourly RSI, which can be seen as a warning sign to buyers in the short term.

Overall, a retest of 60.0 Satoshis is likely, but the follow through above the same might depend on how sellers react.

 

Charts courtesy of Trading View

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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