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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Price Technical Analysis – Continuous Rejection

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Dogecoin Technical Analysis – Upside Break, But Not Convincing

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Key Highlights

  • Dogecoin price continued to break higher and faced a monster resistance around a bearish trend line as highlighted in yesterday’s post.
  • The price created a new low recently, and remains at risk of more losses in the near term.
  • 100 MA continues to act as a pivot area for the price.

Dogecoin price failure to move above 76.0-78.0 Satoshis was a warning sign for buyers that resulted in a move lower.

Heading Lower?

Dogecoin price yesterday attempted one more time to take out a critical bearish trend line on the hourly chart. However, buyers failed once again to take the price higher, which resulted in a sharp decline. There was a new low created below 68.0 Satoshis, as the price fell towards 64.0 Satoshis. We forecasted recently that if buyers fail one more time, there might be a downside reaction. The recent decline found support just around 65.0 Satoshis, and moved back higher. The upside was stopped around the 100 hourly simple moving average, which acted as a pivot for the price. Moreover, the mentioned MA was also colliding with the 75.4% Fib retracement level of the last drop from 79.2 Satoshis to 64.7 Satoshis.

Dogecoin

As long as the price is below the highlighted bearish trend line, sellers remain in control. Currently, it looks like they are attempting one more push lower, meaning there is a chance of a new low in the near future.

The Lower Bollinger Band might come into pay as a support, and if it is broken the price might head towards the last swing low of 64.7 Satoshis.

Intraday Support Level – 74.0 Satoshis

Intraday Resistance Level – 78.0 Satoshis

Let us see how long sellers can manage to defend the upside. Any further losses might find strong buying interest around 60.0 Satoshis.

 

Charts courtesy of Trading View

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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