Dogecoin Price Key Highlights
- Dogecoin price traded lower and tested 42.0 Satoshis which can be seen as a short term support area.
- The hourly RSI is below the 50 level, i.e. a negative sign and might push the price further lower.
- There is a lot of bearish pressure noted on the Dogecoin price, which might increase with time.
Dogecoin price struggling to gain momentum, which increases the risk of it moving lower in the near term.
There was a downslide in the Dogecoin price recently, which took it below the all-important 50.0 Satoshis. The price traded as low as 42.0 Satoshis, which was tested a couple of times, and was defended successfully by the buyers. However, the price is struggling to recover, which possess a risk of a break lower in the near term. The 23.6% Fib retracement level of the last drop from 50.5 Satoshis to 42.0 Satoshis is currently acting as a resistance. There is a minor range created around the stated fib level, which might produce the next move in the short term.
There is a bearish trend line formed on the hourly chart that might act as a major catalyst moving ahead if the price continues to trade higher. The worst thing for buyers is the fact that the price is currently below the 100 hourly simple moving average, which means there is a chance of more losses if sellers stay in control. If buyer wish to take over, then they need to clear the 50% Fib level.
On the downside, the last low of 42.0 Satoshis can be seen as a support area in the short term.
Intraday Support Level – 42.0 Satoshis
Intraday Resistance Level – 45.0 Satoshis
The hourly RSI is below the 50 level, which is a sign that buyers are struggling to gain momentum.
Charts courtesy of Trading View