- Dogecoin price finally broke higher as anticipated in one of the recent analyses and traded towards 76.0
- 100 hourly moving average was also broken, which was a monster resistance.
- Looking ahead, the broken resistance at 70.0-72.0 Satoshis might now act as a support.
Dogecoin price moving higher is a positive sign in the near term, but buyers need to maintain gains for more upsides.
70.0 As a Support
Dogecoin price surged higher and managed to settle above a monster triangle on the hourly chart as highlighted in yesterday’s analysis. The price traded as high as 76.5 Satoshis where it found sellers and corrected lower. However, as we mentioned time and again that 70.0 Satoshis is a major pivot area. It was breached yesterday, so later during the correction phase it acted as a support. This was not all, the 100 hourly simple moving average was acting as hurdle for buyers, and it was also broken intraday. Currently, the price is finding bids around the 100 MA, which is a positive sign.
In short, there is a major support forming around 70.0 Satoshis, as it is coinciding with a number of important levels and things. One includes the 100 MA and the broken triangle resistance trend line which is a support now. Another one is the 50% Fib retracement level of the last leg from the 63.5 Satoshis to 76.5 Satoshis. So, there are chances of Dogecoin price finding bids around 70.0 Satoshis.
If the price moves higher from the current levels, the last high at 76.5 Satoshis might stall gains. A break above it could take the price toward 80.0 Satoshis.
Intraday Support Level – 70.0 Satoshis
Intraday Resistance Level – 76.5 Satoshis
There is a nice bullish formation on the hourly MACD, suggesting more gains in the near term.
Charts courtesy of Trading View