Dogecoin Price Key Highlights
- Dogecoin price continued to remain under the bearish pressure after a critical break below 50.0 Satoshis.
- There was a nasty move down, which took the price lower, but it was limited due to buyers putting up a fight.
- A recovery in underway, but it looks like buyers are struggling to hold the ground.
Dogecoin price is under a bearish pressure, as there are many hurdles on the way up, and puts it on the risk of a down-move.
Retest of lows?
There was a break below a major support area of 50.0 Satoshis, as highlighted in yesterday’s post. The downside was as strong as expected, as buyers appeared around 47.0 Satoshis to prevent the losses. The price traded as low as 46.9 Satoshis and found support. There is a minor recovery underway, which means we need to keep a close eye on the price action.
There are many hurdles on the way up for the price, staring with 50.0 Satoshis. The mentioned level acted as a support earlier and now might act as a barrier and prevent gains. However, the 38.2% fib retracement level of the last drop from 53.2 Satoshis to 46.9 Satoshis is currently acting as a resistance. There are a couple of bearish trend lines formed, which might prevent gains if the price continues to move higher. The most important point to note is the fact that the 100 hourly simple moving average is sitting near the 50% fib level, which might act as a major hurdle in the short term.
On the downside, we can keep a check on the last low of 46.9 Satoshis where buyers may appear.
Intraday Support Level – 48.0 Satoshis
Intraday Resistance Level – 50.0 Satoshis
The hourly RSI not in the bullish zone, which means more losses are possible.
Charts courtesy of Trading View