Dogecoin Buyers Hesitates, but Further Gains Seem Likely

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Dogecoin price after settling above an important resistance area consolidating in a tiny range.
68.0-69.0 Satoshis levels hold the key for more upsides in the near term.
A break above 71.0 Satoshis might set the price for a move towards the last swing high of 77.0 Satoshis.

Dogecoin buyers managed to take prices higher, but there was a lack of momentum which ignited a consolidation phase.

Upside Break?

During this past week, we followed a critical resistance area around 69.0-70.0 Satoshis for Dogecoin. There was an upside break during the end of week, which called for more gains in the short term. The upside was stalled around another resistance zone at 72.0 Satoshis, which was also coinciding with a bearish trend line on the hourly chart. However, the price successfully settled above 69.0 Satoshis, which is a positive sign.

The price is trading in a tiny range as of writing, and waiting for a catalyst for the next move. The hourly RSI is completely flat, but holds above the 50 level, signaling that more gains are likely in the near future. Moreover, the price is also above the 100 hourly simple moving average. If buyers get a reason to take the price higher, then a break above the highlighted bearish trend line could set up for a move towards the last swing high of 77.0 Satoshis. However, there is an intermediate resistance around 61.8% Fib retracement level of the last drop from 79.4 Satoshis to 65.3 Satoshis.

On the downside, the 100 MA can be seen as a pivot area. A break below 100 MA may perhaps ignite a downside reversal moving ahead.

Intraday Support Level – 65.0 Satoshis

Intraday Resistance Level – 70.0 Satoshis

In short, as long as the price is above the 100 MA, the chance of a break higher is a lot more.

Charts courtesy of Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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