- Dogecoin’s price is under a lot of bearish pressure, and if we look at the daily timeframe chart (data feed from CEX.IO), there is a monster bearish trend line formed.
- On the downside, there is a support at 28 satoshis that holds the key for more losses moving ahead.
- On the upside, short-term resistance lies at 34 satoshis, which is aligned with a bearish trend line on the hourly chart (data feed by HitBTC).
The Dogecoin price’s struggle to recover continued this past week, as it failed to move higher and dived a couple of times to trade near major support areas.
Range Trading Until Next Move?
There was a downside reaction this past week in Dogecoin prices, as it looks like bulls are slowly losing the fight after a week characterized by a lot of sideways trading. If we look at the daily time frame chart, there is a crucial resistance trend line formed (data feed from CEX.IO). The technicals give a hint of some light selling going on as the price has drifted closer to the lows of 28 satoshis. As long as the price remains below the highlighted trend line, more losses are possible.
The price is also well-below the 100-day simple moving average, which is bending down closer to the current price. Let’s see how long the price can sustain a break as there is support building near 28-25 satoshis on the downside.
The hourly chart via the price feed from HitBTC suggests that there is a short-term breakout pattern forming with resistance around a bearish trend line near 34 satoshis.
Looking at the Indicators
Daily MACD – The daily MACD may change the slope to bullish, but the bulls need momentum for the same.
Daily RSI – The Daily RSI is around the oversold area, which means there is a chance of a short-term bounce.
Intraday Support Level – 28 satoshis
Intraday Resistance Level – 34 satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View