Key Highlights
- Dogecoin price continued to confuse traders and not willing to head in one particular direction.
- Buyers look like taking the price higher in the near term if they manage to take it above 80.0
Dogecoin price failing to move below 64.0 Satoshis is a warning sign and points to more gains moving ahead.
There were a couple of spikes lower towards the 65.0-64.0 Satoshis this past week where buyers defended losses and pushed back higher. The price action was very choppy this past week, as there were a few lows formed, but no convincing follow through was noticed. There is a now a couple of trend lines formed on the upside as well on the downside. There is a support trend line on the downside, which is aligned with a major support area of 72.0 Satoshis. The Lower Bollinger Band is also sitting around the mentioned support area. So, a break below the same might call for a test of the previous low of 64.7 Satoshis.
One more important point to highlight is the fact that the 100 simple moving average on the hourly chart is positioned on the downside to support buyers. On the upside, there is a monster bearish trend line, which is colliding with the 88.6% Fib retracement level of the last leg from 78.0 Satoshis to 64.7 Satoshis. So, sellers might attempt to defend the highlighted resistance area.
Upside Break
If there is an upside break, then the 1.236 extension of the last leg might be the next level of interest for sellers. Let us see how the price action shapes up moving ahead.
Intraday Support Level – 71.0 Satoshis
Intraday Resistance Level – 80.0 Satoshis
In short, we need to wait for a break moving ahead and then trade accordingly.
Charts courtesy of Trading View
