- Dogecoin price failed once again to break a major resistance area near 0-32.0 Satoshis and traded lower.
- There is an important trend line and support area forming near 29.0 Satoshis on the 30-min chart (data feed from HitBTC).
- A break below the same may call for a move towards the last weekly low of 27.5
Dogecoin price continued to trade in a range, and there are no real signs of a break. We need to keep an eye on the 4-hours chart triangle pattern for the next move.
Retest of lows?
Dogecoin price recently spiked above 31.0 Satoshis resistance area, but failed to settle above it. The price traded as high as 32.3 Satoshis and started to move lower once again. There is now a bullish trend line formed on the 30-min chart (data feed from HitBTC), which is providing support and preventing the downside move.
However, the price is currently below the 100 simple moving average and the 61.8% Fib retracement level of the last wave from the 27.5 Satoshis low to 32.3 Satoshis high. A break below the highlighted trend line and support area may call for a move towards the last swing low of 27.5 Satoshis. If buyers want to prevent the downside break, then they need to take the price back above the 100 MA. As long as the price is below 100 MA it remains at risk.
Looking at the higher time frame we need to keep a close eye on the contracting triangle pattern forming on the 4-hours chart (data feed from CEX.IO), as highlighted in the weekly analysis as well.
Looking at the indicators:
30-min MACD – The MACD is about to change the slope to bearish, which is a negative sign.
30-min RSI – The RSI is below the 50 level, suggesting that a break is likely moving ahead.
Intraday Support Level – 29.0 Satoshis
Intraday Resistance Level – 31.0 Satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View