Dogecoin Price Key Highlights
- Dogecoin price failed to move higher as anticipated in yesterday’s analysis and remains at risk of a break lower.
- The price is trading around an important support area that holds the key in the near term.
- On the upside, the 100 hourly MA may act as a resistance moving ahead.
Buyers struggled to keep Dogecoin price higher, and as a result the chance of a break lower increased Intraday.
Trend Line Support Area
We have been following a critical bullish trend line on the hourly chart of Dogecoin price, which provided support many times. Currently, the price is trading near the stated trend line, i.e. protecting losses as of writing. However, there is a lot of weakness noted, as the price is below the 100 hourly simple moving average. It is becoming more and more difficult for buyers to hold the losses. Let us see if sellers manage to take the price below the highlighted trend line, as the risk of a break increased.
If there is a break below the bullish trend line, then an intermediate support can be seen around 76.5 Satoshis, which acted as a pivot area earlier. Any further declines could take the price all the way towards 71.00-70.00 Satoshis.
If buyers manage to push the price higher once again, then the 100 hourly simple moving average might come into play, i.e. likely to act as a barrier for more gains. The mentioned MA is also coinciding with the 23.6% Fib retracement level of the last drop from 92.0 Satoshis to 78.4 Satoshis.
Any further gains might set the price for a test of the Upper Bollinger Band in the short term.
Intraday Support Level – 76.5 Satoshis
Intraday Resistance Level – 82.0 Satoshis
Both the hourly RSI and MACD are signaling more losses, so buyers need to be very careful.
Charts courtesy of Trading View
