Dogecoin Price Key Highlights
- Dogecoin price continued to trade below 50.0 Satoshis, as there was not break either higher or lower.
- The price is still trading below the 50 level, which is a bearish sign and could take it lower.
- There is a breakout pattern forming on the hourly chart in the form of a channel that might act as a catalyst moving ahead.
Dogecoin price struggling to gain momentum, which increases the risk of it moving lower in the near term.
There was no break yesterday in the Dogecoin price, and both buyers and sellers failed to gain momentum. The price was seen trading inside a range, and it is currently forming a breakout pattern in the form of a channel on the hourly chart. On the upside, the channel is now coinciding with the 100 hourly simple moving average, meaning that there is a major resistance formed around 49.0 Satoshis. As highlighted yesterday, there is a major hurdle forming around the 38.2% fib retracement level of the last drop from 53.2 Satoshis to 46.9 Satoshis as well.
A bearish trend line on the hourly chart along with the 38.2% Fib level is sitting near 49.3 Satoshis. We need to see how sellers react if the price reaches around the stated level. A break above the trend line and resistance area might call for more gains in the near term. There is one positive to note, as the hourly RSI is above the 50 level. Let us see how the price behaves and whether it traders higher or lower.
On the downside, as mentioned yesterday the recent low of 46.9 Satoshis can act as a support.
Intraday Support Level – 46.9 Satoshis
Intraday Resistance Level – 49.3 Satoshis
The hourly MACD is moving into the bullish zone, which is an encouraging sign for buyers.
Charts courtesy of Trading View