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Dogecoin Price Key Highlights
- Dogecoin price stayed in a range, but it looks like the price might head lower in the near term.
- Sellers are making an attempt to break the range low, if it is cleared more losses are likely.
- 0 Satoshis is a major support area, which must hold if buyers have to prevent the downside.
Dogecoin price is at risk of a break lower, as buyers seem to be struggling to prevent the downside.
Downside Break
The Dogecoin price stayed in a range throughout this past week, which prevented moves in one particular direction. However, it looks like sellers might be able to take the price lower in the near term. There are many things aligning in favor of them. The most important one is that there is a bearish trend line on the hourly chart, which is acting as a hurdle for buyers. The next one is that the price is below the 100 hourly simple moving average. In short, the chances of the price heading lower is more compared with the break higher. We need to see who wins in the fight between sellers and buyers.
If buyers manage to clear the trend line resistance area, then the price might head towards the 23.6% Fib retracement level of the last drop from 82.0 Satoshis to 59.8 Satoshis. However, before this buyers must prevent the downside break.
On the downside, there is a monster support around the Lower Bollinger Band at 60.0 Satoshis. The price is around the stated support area, and looks positioned for a break in the short term if sellers gain control.
Intraday Support Level – 60.0 Satoshis
Intraday Resistance Level – 63.0 Satoshis
The hourly RSI and MACD are showing bearish signs on H1, signaling a break lower in the near term.
Charts courtesy of Trading View
