Dogecoin Price Technical Analysis – Trend Line Rejection

Aayush Jindal

7 years ago

2 mins read

Dogecoin Price Technical Analysis – Trend Line Rejection

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Key Highlights

Dogecoin price weakened Intraday, as forecasted recently, but there was a sharp reaction around 68.0
A bearish trend line as highlighted yesterday is acting as a resistance for more upsides.
A failure to break the stated trend line might ignite a down-move in the near term.

Dogecoin price was completely rejected around 68.0 Satoshis, but the bearish trend line holds the key moving ahead.

Trend Line as Pivot

Dogecoin dived Intraday after a rejection around an important bearish trend line on the hourly chart. The price cleared a monster support area of 70.0 Satoshis to trade near 68.0 Satoshis. However, buyers managed to defend the mentioned level successfully and pushed the price back above 70.0 Satoshis. It can be considered as a positive sign, but the highlighted bearish trend is again acting as a barrier for more gains. As long as the price is below the same it remains at risk of a move lower.

Currently, the price is trading around the highlighted trend line and the 88.6 % Fib retracement level of the last drop from 78.8 Satoshis to 68.0 Satoshis. Let us see whether buyers can manage to break the resistance area or not. A break and close above 80.0 Satoshis might be considered as a bullish sign. One important point to note is the fact that the price is well above the 100 hourly simple moving average. Moreover, the hourly RSI is above the 50 level, signaling more gains in the near term. There is hardly any negative sign, as the MACD is also titled towards the bullish slope.

On the downside, the 100 SMA might act as a support if the price moves lower from here.

Intraday Support Level – 75.0 Satoshis

Intraday Resistance Level – 80.0 Satoshis

In short buying dips can be considered as long as the price is above the 100 SMA.

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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