- Dogecoin prices after consolidating for a brief period traded higher and settled around an important resistance area.
- A move towards the last high of 88.6 Satoshis is likely moving ahead, but buyers need to clear 72.0 Satoshis to achieve it.
There was a critical support formed around 64.0 Satoshis, which held the downside and the price consolidated for some time before buyers came into action. There is a monster triangle formed on the hourly chart of Dogecoin, which might act as a market mover in the near term. A major resistance at 68.5 Satoshis was stalling the upside in Dogecoin earlier, coinciding with the 100 hourly simple moving average. The mentioned resistance was cleared, suggesting that sellers failed to take the price lower in the near term.
The price moved higher, but stopped around a contracting triangle formed on the hourly chart. However, the best part was that it managed to close above the 100 hourly MA and 68.5 Satoshis. No doubt, there is a chance that the price might move higher. An initial resistance can be around 74.0 Satoshis, followed by the last swing high of 79.0 Satoshis.
RSI above 50
There are some encouraging signals for buyers like the RSI is above the 50 level. The MACD is also around the bullish zone with no signs of divergence. If buyers manage to take the price above the triangle resistance, then there can be a sharp move towards the recent high. A test of even 80.0 Satoshis is possible in that situation.
Intraday Support Level – 68.0 Satoshis
Intraday Resistance Level – 72.0 Satoshis
If the price moves lower, the 100 SMA might act as a hurdle for sellers. Only if they manage to take the prices below the triangle support area, there is a possibility of more downsides moving ahead.
Charts courtesy of Trading View