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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Dogecoin Price Signaling Bearish Continuation

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • Dogecoin price after a solid bullish ride failed around 80.0 Satoshis, which turned out to be a monster hurdle for buyers.
  • A major selling interest was noted around the mentioned area, as the price dipped below 65.0
  • Sellers might remain active for a while, as there looks like a lot of bearish pressure on Dogecoin.

Dogecoin price failure to trade above 80.0 Satoshis is a critical bearish sign, suggesting how important the resistance is for buyers in the near term.

Monstrous decline

Dogecoin price as mentioned failed around 80.0, and traded lower. The downside reaction was very sharp that took the price below an important support area. As we highlighted earlier too that 66.0 Satoshis is a major swing area in the short term. The price even settled below the stated level, and traded as low as 58.9 Satoshis. A new low was established, which speaks volume about the amount of bearish pressure.

Dogecoin

There is a descending channel formed on the hourly chart, which is acting as a catalyst for more declines. There was once a break above the highlighted channel, but it turned out to be a false one, as the price failed once again to trade higher. The 100 hourly simple moving average also prevented more gains and stalled the upside in the near term. If the price corrects higher from the current levels, then an initial resistance could be seen around the 38.2% Fib retracement level of the last drop from 79.0 Satoshis to 58.9 Satoshis.

On the downside, the recent low of 58.9 Satoshis is a short-term support along with the channel lower trend line.

Intraday Support Level – 60.0 Satoshis

Intraday Resistance Level – 66.0 Satoshis

The hourly RSI is below the 50 level, meaning the bearish pressure in intact in the short term.

 

Charts courtesy of Trading View

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Aayush Jindal
Aayush Jindal

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.

Read more

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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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