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dogecoin price analysis

Dogecoin Price Technical Analysis – 100 MA Holds Key

Avatar Aayush Jindal 5 years ago

Key Highlights

  • Dogecoin price declined and breached an important support area, but buyers managed to defend the downside and pushed the price back higher.
  • A bearish trend line is protecting upsides in the near term, which can be seen as a catalyst.
  • 100 hourly moving average is a major factor for sellers and buyers, as it represents a key pivot zone.

Dogecoin price declined to trade below 64.7 Satoshis, but there was a sharp pullback noted after the fall.

Can price move higher?

Dogecoin price fell Intraday and breached the previous low of 64.7 Satoshis to trade as low as 63.5 Satoshis. There were more than 2 two attempts to breach the mentioned level, but buyers managed to defend it and pushed the price back higher. However, the upside was again limited, as the 100 hourly simple moving average acted as a barrier and prevented gains. The most important point is that the 100 MA is moving along with a bearish trend line on the hourly chart. So, there is a major resistance forming around 72.0 Satoshis.

Dogecoin

Moreover, the 61.8% Fib retracement level of the last drop from 77.0 Satoshis to 63.5 Satoshis is also around the highlighted resistance zone. We need to see whether buyers can manage to clear 72.0 Satoshis resistance area or not moving ahead.

On the downside, the Lower Bollinger Band is an important support area in the near term. A break below the same might extend losses towards the previous low of 63.5 Satoshis.

The hourly RSI is just around the 50 level, suggesting a break is possible in the short term. Alternatively, the price could move lower.

Intraday Support Level – 67.0 Satoshis

Intraday Resistance Level – 72.0 Satoshis

In short, there is a chance of an upside break towards 80.0 Satoshis.

 

Charts courtesy of 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...

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