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Home Technical analysis

Dogecoin Price Technical Analysis – 50.0 Satoshis in Sight

Aayush Jindal by Aayush Jindal
6 years ago
in Technical analysis
Reading Time: 2min read
Dogecoin Price Weekly Analysis Break Near for a few satoshis more
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Dogecoin Price Key Highlights

  • Dogecoin price dived lower, and the recent trend line break turned out to be a false one.
  • The price moved below the last low to create a new low around 52.6 Satoshis.
  • 100 hourly simple moving average is acting as a monster resistance, as buyers failed to break it.

Dogecoin price moved lower below the last low to open the doors for more losses in the near term may be towards 50.0 Satoshis.

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We highlighted recently that there might be a false break on the hourly chart of Dogecoin, as there was a trend line break but it was not convincing due to no follow through. Since buyers failed to take the price higher, there was a nasty downside reaction. The price moved lower and fell below the last low of 54.5 Satoshis to trade near 52.6 Satoshis. The recent move might be a critical one, as the 54.5 Satoshis support area was very important. A break below it is a signal for more losses in the short term.

Dogecoin Price Technical Analysis

There is now a descending channel formed on the hourly chart, which is acting as a medium for a downside move. If the price clears the channel resistance area, then the 23.6% Fib retracement level of the last drop from 63.0 Satoshis to 52.6 Satoshis might come into play. It holds the key as it coincides with the previous low of 54.5 Satoshis, which might act as a resistance moving ahead. Moreover, the 100 hourly simple moving average is also positioned above it.

On the downside, the last low of 52.6 Satoshis is a support area, followed by 52.0 Satoshis.

Intraday Support Level – 52.6 Satoshis

Intraday Resistance Level – 54.5 Satoshis

There are no positive signs on the hourly RSI and MACD for buyers as of writing.

 

Charts courtesy of Trading View

Tags: DOGE USDDogecoinDogecoin price chartdogecoin price technical analysis
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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