Dogecoin Price Technical Analysis – Sell Rallies

Aayush Jindal

1 year ago

2 mins read

Dogecoin Price Technical Analysis – Sell Rallies

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Key Highlights

Dogecoin price broke down and cleared an important triangle support area recently.
A new weekly low was formed around 57.5 Satoshis where buyers managed to protect further losses.
100 hourly simple moving average was also breached, which might now act as a resistance for buyers.

Dogecoin price traded lower, and cleared several support areas, suggesting that more losses are possible moving ahead.

Downside Moves

Yesterday, we highlighted a triangle pattern, which we were expecting to break and pave the way for the next move. There was a break noted, as sellers managed to take the price lower. The downside was not sharp, but there was a new low created below 58.0 Satoshis. There was a triangle pattern formed (as highlighted yesterday), which was breached towards the downside. The most important point is a break below the 100 hourly simple moving average, and the price settling below it.

Buyers managed to protect losses around 57.5 Satoshis, and pushed the price back higher. Currently, the price is heading towards a monster resistance area around 66.0 Satoshis. The mentioned level represents a confluence area of the 50% Fib retracement level of the last drop from 73.0 Satoshis to 57.5 Satoshis, the broken triangle lower trend line and the 100 hourly simple moving average. There is a high probability that sellers might try their best to defend more upsides around 66.0 Satoshis, as it looks like a monster barrier for buyers.

On the downside, the Lower Bollinger Band is a major support area, which is aligned with a previous swing level of 60.0 Satoshis. Any further downsides might push the price towards the recent low of 57.5 Satoshis.

Intraday Support Level – 60.0 Satoshis

Intraday Resistance Level – 66.0 Satoshis

There is a minor divergence forming on the hourly RSI, which might push the price higher in the short term.

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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