Dogecoin Price Key highlights
- Dogecoin price tested the dynamic resistance at the 100 SMA, which was enough to keep further gains in check.
- The short-term moving average is below the longer-term 200 SMA, indicating that the path of least resistance is to the downside and that further losses are likely.
Dogecoin price is resuming its downside momentum, which might gain traction on a break of the previous lows at 47.7 Satoshis.
Short-Term Consolidation Break
For now, dogecoin price is finding support around 47.7 Satoshis or the previous lows. A break below this short-term consolidation pattern could draw more sellers in and spur further declines.
The longer-term downtrend visible on the 4-hour chart is still very much intact, even with a possible bounce back up to the near-term resistance at 50 Satoshis. However, a climb past the longer-term moving average could suggest that either a large correction or a reversal is underway.
A larger pullback to 53 Satoshis around the 200 SMA and previous support area might still materialize, although stochastic and RSI are both on the move down and indicating a pickup in selling momentum. If so, dogecoin price could head to new lows around 45 Satoshis or much lower.
Intraday support – 47.7 Satoshis
Intraday resistance – 50-53 Satoshis