Key Highlights
- Dogecoin’s price was seen attempting to recover some ground during this past week, but a major trend line on the daily timeframe chart (data feed from CEX.IO) prevented gains.
- It looks like the price may head lower once again, as there is a lot of bearish pressure.
- A move towards the last swing low of 30 satoshis is possible if sellers remain in control.
Dogecoin’s price is facing a tough resistance on the upside, which positions the price for more losses in the near term.
Trend Line as Hurdle
This past week, there was a corrective phase in Dogecoin prices, but it faced offers near a critical bearish trend line on the daily timeframe chart (data feed from CEX.IO). The buyers failed to take the price higher, and as a result, it started to move lower once again. The 100-day simple moving average is sliding down, suggesting more downsides in the short term.
On the downside, the most important support is around the last swing low of 29.7 satoshis and 28.9 satoshis. It would be interesting to see whether buyers appear around the stated support area or not to defend the downside. A break below it might be very critical and could take the price towards 25.0 satoshis.
Looking at the hourly chart via the price feed from HitBTC, there is a contracting triangle pattern formed as highlighted in this past week’s technical analysis. The plotted triangle pattern may result in a break during this upcoming week. In short, we need to keep an eye on 32 satoshis for more losses and 36 satoshis for more upsides.
Looking at the indicators:
Daily MACD – The daily MACD is in the bearish slope, and there are no signs of relief for buyers.
Daily RSI – The Daily RSI is around the oversold area, suggesting a short-term recovery moving ahead.
Intraday Support Level – 32 satoshis
Intraday Resistance Level – 36 satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View
