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Dogecoin Price Tech Analysis – Buyers Achieve First Goal, Now What?

Key Highlights

  • Dogecoin’s price managed to trade higher and broke a major resistance area on the 30-min chart (data feed from HitBTC) as highlighted in yesterday’s post.
  • However, the price is still below a major confluence resistance at 31-32 satoshis, which holds the key in the near term.
  • The price is now above the 100 hourly simple moving average on the 30-min chart, suggesting there is a chance of an upside move.

Dogecoin’s price climbed higher and is showing a lot of bullish signs on the 30-min chart. It looks like buyers took the first step and may take the price higher.

31-32 Satoshis’ Importance

Dogecoin Price Technical Analysis

In the yesterday’s post, I highlighted a bearish trend line formed on the 30-min chart (data feed from HitBTC), and mentioned that there is a chance that buyers can break it. The price did move higher, and closed above the highlighted trend line and resistance area. Moreover, the best part was the fact that the price is now above the 100 hourly simple moving average on the 30-min chart, which is acting as a support.

If the price corrects lower from the current levels, then the 100 MA may stall losses. Furthermore, the 38.2% Fibonacci retracement level of the last wave from the 27.5-satoshi low to 31-satoshi high may also act as a support on the downside.

Dogecoin Price Technical Analysis

Looking at the most important aspect, our long followed 31-32 satoshis resistance area is still in play. There is a bearish trend line on the 1-hour chart (data feed from CEX.IO), which may act as a barrier. If buyers have to take the next step forward, then they have to break the stated resistance area.

Looking at the Indicators

Hourly MACD – The Moving Average Convergence Divergence is in the bullish area, but there is no major sentiment shift.

Hourly RSI – The Relative Strength Index is above the 50 level, which can help buyers gain momentum.

Intraday support level – 30 satoshis

Intraday resistance level – 32 satoshis

 

Charts from HitBTC and CEX.IO; hosted by Trading View

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