Dogecoin Price Key Highlights
- Dogecoin price has been steadily trending lower, moving below a very long-term trend line visible on the daily and 4-hour charts.
- Price recently made a strong bounce up to the long-term resistance area, which continued to keep gains in check.
Dogecoin price is set for further losses, as the descending trend line held as resistance and technical indicators support a continuation of the downtrend.
Aiming for Previous Lows
With that, dogecoin price is back on track to test the previous lows around 36 Satoshis. Strong bearish momentum might even lead to a break below this near-term support, as bitcoin has been rallying strongly these days.
The 100 SMA is below the 200 SMA and is diverging, indicating that bears are flexing their muscles. Stochastic is still heading south, which means that sellers are taking the lead, while RSI is also turning lower.
Another pullback scenario could lead to a pop back to the previous spike at 46.5 Satoshis, with a break higher likely to show that a reversal is brewing. Price could test support at the previous lows or 36 Satoshis if bearish momentum keeps up.
Intraday support level – 36 Satoshis
Intraday resistance level – 46.5 Satoshis
Charts from TradingView