Dogecoin Price Technical Analysis – Clear Downtrend

Aayush Jindal

1 year ago

2 mins read

Dogecoin Price Technical Analysis - Clear Downtrend

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Key Highlights

Dogecoin price declined and traded below an important support area of 76.0 Satoshis as anticipated in yesterday’s analysis.
It looks like the price is heading towards the next level of support at 71.0
100 hourly MA still remains a concern for buyers, as they failed to break it on many occasions.

We were right when we noticed a break in Dogecoin price chart, as there was a downside thrust Intraday.

What’s next?

We highlighted the possibility of a down-move in Dogecoin price yesterday, which continued as the price moved below a critical support of 76.0 Satoshis. There was a clear break noted, and there was a retest of the broken support area that acted as a resistance. There is now a descending channel formed on the hourly chart, i.e. likely to act as a catalyst in the near term. The price recently traded as low as 74.0 Satoshis, and corrected higher. However, it remains at risk of more declines, as sellers might attempt to take the price towards a major support area of 71.0-70.0 Satoshis.

Sellers need to break the channel support area to take the price lower. On the upside, an initial hurdle is around the previous swing area of 76.0 Satoshis, i.e. providing resistance. A break above the same could take the price towards the 100 hourly simple moving average, which holds the key for more gains. The mentioned MA is sitting around the channel resistance trend line and the 38.2% Fib retracement level of the last drop from 91.8 Satoshis to 73.9 Satoshis.

The hourly RSI and MACD are signaling more losses, which is an encouraging sign for sellers.

Intraday Support Level – 71.0 Satoshis

Intraday Resistance Level – 80.0 Satoshis

Overall, the possibility of a move towards 70.0 Satoshis is increasing as sellers remain active.

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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