- Dogecoin’s price is trading near a major pivot area of 33-34 satoshis and struggling to break it.
- There is a bearish trend line formed on the hourly chart (data feed from HitBTC), which is protecting an upside break.
- The last support area at 32 satoshis is acting as a resistance now along with the 100 hourly simple moving average.
Dogecoin’s price is currently correcting lower and trading near a crucial juncture. A break above 34-35 satoshis may call for more gains.
Trend Line Resistance
Dogecoin prices managed to correct higher recently, and recovered more than 50% losses. The price traded above the 50% Fibonacci retracement level of the last drop from 36.7 to 25.4 satoshis, which is a positive sign. However, there is a major barrier building near the last support area of 33-34 satoshis, which is now acting as a resistance.
There is a bearish trend line formed on the hourly chart (data feed from HitBTC), which might help sellers and prevent the upside break. The most important hurdle for buyers is around the 100 hourly simple moving average, which is situated near the highlighted pivot area. A break above the trend line and resistance area may call for a move towards the 35 to 36-satoshi resistance area.
There are a few positives for bulls, as a major support is building near the recent low of 30 satoshis (as can be seen on the 2-hour chart with the data feed from CEX.IO). If the price continues to find bids around the stated level, there is a possibility of a recovery moving ahead.
Looking at the Indicators:
2-hour MACD – The 2-hour MACD is about to change the slope to bullish, which is a positive sign for bulls.
2-hour RSI – It is currently below the 50 level, and a break is needed for buyers to take control.
Intraday Support Level – 30 satoshis
Intraday Resistance Level – 34 satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View