- Dogecoin prices attempted to recover, but faced a barrier around an important trend line and resistance area of 32-33 satoshis.
- There was a dispiriting reaction after the recent failure, as the price created a minor new low of 22.7 satoshis, as seen on the hourly with data feed from HitBTC.
- There is a chance of a triple bottom pattern forming if we look at the price feed from CEX.IO.
Dogecoin’s price is struggling to hold an important support area, but there is a chance that the price may spike higher as there is a bullish pattern in the making.
Can Buyers Capitalize?
Dogecoin’s price was seen recovering some ground, but yesterday’s highlighted trend line and resistance at 32-33 satoshis stalled gains. There was a nasty downside reaction after the price failed to trade above the stated resistance area; sellers enjoyed a decent ride, taking Dogecoin’s price below the last low of 24 satoshis. You might have gained if you followed our resistance area from yesterday and sold.
The most interesting part is the fact that the price once again recovered and is currently trading near the same resistance area. The trend line is still in place and may act as a hurdle for more upsides (data feed from HitBTC); moreover, the 100-hour simple moving average is also preventing gains and helping sellers in the short term.
On the positive side, buyers may keep a close eye on the hourly chart via data feed from CEX.IO, as there is a chance of a triple bottom pattern. If there is a bounce moving ahead, the price may climb above the 33 satoshis resistance area.
Looking at the Indicators
Hourly MACD – The hourly MACD may change the slope to bullish, which could encourage buyers.
Hourly RSI – It is currently above the 50 level, which is a positive sign in the short term.
Intraday Support Level – 30 satoshis
Intraday Resistance Level – 33 satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View