Dogecoin Price Technical Analysis – Next Leg Lower Underway

Aayush Jindal

1 year ago

2 mins read

Reason to trust

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

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Dogecoin Price Key Highlights

Dogecoin price traded higher recently, but the upside move was not convincing, which leaves it at a risk of declines.
The broken trend line (as highlighted in yesterday’s post) was tested again.
There is a chance that the price might head lower one more time and retest 60.0 Satoshis in the near term.

Dogecoin price failing to hold gains is a worrying sign, and might call for a move lower if buyers did not manage to push it higher.

Retest of 60 Satoshis?

The Dogecoin price showed a lot of bearish signs on the hourly chart, which leaves it at a risk of a move lower in the near term. As highlighted yesterday, there was a trend line break, which can be a false one and might push the price lower. It looks like there could be a downside reaction and the price might head towards the last swing low of 60.0 Satoshis. There is a major divergence forming on the hourly RSI, which supports the mentioned scenario.

One important point is that the price struggled recently to settle above the 100 hourly simple moving average, which is a warning sign that the price could move lower. On the upside, the 23.6% Fib retracement level of the last drop from 66.9 Satoshis to 60.7 Satoshis may perhaps serve as a resistance if the price attempts to climb higher. It is aligned with the Middle Bollinger Band, so a break above it could take the price towards the Upper Bollinger Band.

On the downside, the last swing low of 60.0 Satoshis is seen as a support area, followed by 54.0 Satoshis.

Intraday Support Level – 60.0 Satoshis

Intraday Resistance Level – 63.0 Satoshis

The hourly RSI and MACD are positioning for more losses in the near term.

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.
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.