- Dogecoin price continued to move lower and even created a minor new low below 38.0 Satoshis.
- There is a downtrend channel pattern forming on the hourly chart, which is acting as a catalyst for the price.
- There is a major support around 36.5 Satoshis that might be tested in the near term.
Dogecoin price remained in the bearish zone, and it looks like there is a chance of it breaking down and testing 36.6 Satoshis.
Channel Break Near?
The Dogecoin price remained under the bearish pressure and continued to trade lower as anticipated in yesterday’s post. A minor new low was formed below 38.0 Satoshis, and it looks like sellers might eye an important area of 36.5 Satoshis. The price already traded as low as 37.5 Satoshis, so testing 36.5 Satoshis is not a big deal and it is where buyers could appear to defend the downside.
There is a descending channel forming on the hourly chart, which is acting as a catalyst for the price. No doubt, the price is under the bearish pressure, as it is also below the 100 hourly simple moving average. On the upside, the most important resistance forming is near the channel resistance area as it is coinciding with the 38.2% Fib retracement level of the last drop from the 49.0 Satoshis to 37.5 Satoshis, and the 100 hourly MA.
A break above it might change the trend in favor of bulls in the near term with the next target in sight of 45.0 Satoshis.
On the downside, the recent low of 37.5 Satoshis along with the channel may act as a hurdle for sellers.
Intraday Support Level – 37.5 Satoshis
Intraday Resistance Level – 41.0 Satoshis
The hourly RSI is struggling to break the neutral level, which might ignite more losses moving ahead.
Charts courtesy of Trading View