Dogecoin Price Key Highlights
- Dogecoin price did indicate further downside momentum, as predicted in an earlier technical analysis write-up on the consolidation pattern repeating itself.
- With the downside break, more sellers could hop in the ongoing downtrend and push dogecoin price to new lows.
Dogecoin price confirmed the buildup in bearish pressure with a strong downside break below the consolidation pattern on its 1-hour chart.
Where To Next?
Price has broken below the previous lows in October 21, hinting that bears are unstoppable at this point. Stochastic and RSI are both on the move down and haven’t quite reached the oversold region yet, which means that there’s more selling pressure left to push for larger declines.
In addition, the 100 SMA is below the 200 SMA and is increasing the distance between them, which also suggests that bearish pressure is getting much stronger. Zooming out to the longer-term time frames suggests that the next support for dogecoin price might be around the 40 Satoshis level.
A break below that area could lead to further declines until the next visible support at 30 Satoshis, although it would take a considerable amount of sellers to sustain a move until that point.
Intraday support level – 40 Satoshis
Intraday resistance level – 42 Satoshis
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