Key Highlights
- Dogecoin price continued to struggle this past week and traded lower to test the 60.0 Satoshis support area.
- There is a bearish trend line formed on the hourly chart (data feed from HitBTC), which is acting as a hurdle for buyers.
- The price is also below the 100 simple moving average on the hourly chart, which is a sign that sellers are in control.
Dogecoin price struggled throughout this past week, and it looks like there is a chance of more losses towards the 55.0 Satoshis area.
100 MA as Resistance
Dogecoin price made an attempt to trade higher this past week, but the downside pressure was such that sellers managed to take it down. There was a continuous downside moves which prevented the bulls to take the price higher. There is a bearish trend line formed on the hourly chart (data feed from HitBTC), which acted as a catalyst in the short term.
The price is trading near the 60.0 Satoshis, which is acting as a support area, and stalling losses. If there is a recovery, then an initial resistance is around the 23.6% Fib retracement level of the last drop from the 71.0 Satoshis high to 59.9 Satoshis low. The stated fib level is just below the highlighted trend line and resistance area, so it may play a major role.
The price is below the 100 simple moving average on the hourly chart, which is not a positive sign for the bulls, and may take it further down. On the downside, the 55.0 area can be seen as a support area in the near term.
Looking at the indicators:
Hourly MACD – The MACD is in the bullish zone, which may take the price a few points higher.
Hourly RSI – The RSI is just below the 50 level, which means buyers are struggling.
Intraday Support Level – 60.0 Satoshis
Intraday Resistance Level – 63.0 Satoshis
Charts from HitBTC hosted by Trading View
