Dogecoin Price Key Highlights
- Dogecoin price remained weak and stayed below an important pivot area of 50.0 Satoshis.
- As long as the price is below the mentioned area, more losses cannot be discarded moving ahead.
- There are many hurdles on the way up for buyers, so they might struggle to take the price higher.
Dogecoin price is trading below 50.0 Satoshis and it is likely that it might head further lower in the short term.
Break below 46.0 Satoshis?
As we know that the Dogecoin price moved lower this week, and even traded below a very crucial support area of 50.0 Satoshis, Due to this, there was an increase in the bearish pressure on the price, which establishes a risk of a break lower. There were a couple of attempts made by buyers to push the price back higher. However, the broken support area is now acting as a resistance and stalling any upside move.
There lies a lot of barriers on the upside for buyers starting with the 38.2% fib retracement level of the last drop from 53.2 Satoshis to 46.9 Satoshis. The most important point is that the mentioned Fib level is sitting near the 100 hourly simple moving average. So, a critical resistance is around 49.3 Satoshis. A break above it could take the price towards the bearish trend line, which is positioned near 50.0 Satoshis. Any further gains might be limited considering the fact that sellers seem to be active and pushing the price lower. Moreover, there is another major bearish trend line on the upside waiting to act as a resistance.
On the downside, the recent low of 46.9 Satoshis is the one that mirth act as a support.
Intraday Support Level – 48.0 Satoshis
Intraday Resistance Level – 50.0 Satoshis
The hourly RSI is attempting to move above the 50 level, which is a positive sign.
Charts courtesy of Trading View