- Dogecoin price surged higher as forecasted in Yesterday’s post.
- It managed to clear an important resistance at 70.0 Satoshis, which helped buyers to gain ground.
- More upsides are likely and a pullback from the current levels might be seen as buying opportunity.
Dogecoin rocketed higher Intraday to trade above 75.0 Satoshis, and stays in the positive zone for another leg higher.
70.0 As a Support
As mentioned, Dogecoin price managed to climb above 70.0 Satoshis, which was a barrier for buyers. So, moving ahead it might provide support if the price moves lower from the current levels. Dogecoin after diving sharply to test 60.0 Satoshis gained bids and surged higher to clear 70.0 Satoshis. One key point to note is that the price is now above the 100 hourly simple moving average.
The recent upside was stalled around the 61.8% Fib retracement level of the last drop from 87.7 Satoshis to 62.0 Satoshis. So, there is a chance of a correction, which could take the price towards the 100 SMA where buyers might appear to protect further downside. However, just above the 100 SMA lies an important pivot area at 70.0 Satoshis. In short, there are many support levels on the way down, and if sellers manage to take the price lower, they might struggle around the stated areas.
There are some important bullish signs, as the hourly RSI is above the 50 level with no divergence. On the other hand, the MACD is pointing correction and looks set for a change of slope. There is also a minor bearish trend line formed on the hourly chart that may perhaps act as a catalyst for more upsides.
Intraday Support Level – 70.0 Satoshis
Intraday Resistance Level – 75.0 Satoshis
So, if the price stays above the 100 SMA, more gains are likely in the short term.
Charts courtesy of Trading View