- Dogecoin price continued to struggle to trade higher and it looks like it might decline further in the near term.
- 100 hourly simple moving average is a major hurdle for buyers for more gains.
- A break below 62.0 Satoshis could set the price for a move towards the last swing low of 58.9 Satoshis.
Dogecoin price failing to trade higher is a worrying sign, and might encourage sellers to take it lower moving ahead.
Sellers to take control
We highlighted yesterday that the Dogecoin price is struggling to move higher which increases the chances of it trading lower. There were many attempts made to take the price lower recently, but there is a support trend line formed as highlighted recently, which is acting as a barrier for sellers. However, there looks like a lot of bearish pressure and if sellers gain control more losses are possible. The price is below the 100 hourly simple moving average, which is playing its part and helping sellers to prevent gains in the near term.
On the upside, the 50% Fib retracement level of the last drop from 79.0 Satoshis to 58.9 Satoshis is also acting as a resistance. Overall, there are many resistances formed on the upside, and if at buyers manage to take the price higher it would be a bullish signal. The price might test the upper trend line, which can be seen as the next selling interest area. Any further gains might be limited in the short term.
On the downside, the last low of 58.9 Satoshis is a support area followed by 55.0 Satoshis.
Intraday Support Level – 62.0 Satoshis
Intraday Resistance Level – 68.0 Satoshis
There is a divergence forming on the hourly MACD, which is contradicting our bearish stand and points more gains.
Charts courtesy of Trading View