Key Highlights
- Dogecoin managed to clear a major resistance of 46.9 Satoshis to trade close to 50.0 Satoshis
- A pullback from the current levels (49.9 Satoshis) might be seen as a buying opportunity.
The technical indicators such as MACD and RSI are pointing towards more gains in Dogecoin after it breached 49.6 Satoshis.
The hourly chart of Dogecoin/Bitcoin shows that sellers struggled to keep prices lower, and as a result it tested an important area of 50.0 Satoshis. As can be seen from the chart that the price settled above 46.9 Satoshis, and heading towards the last swing high of 50.6 Satoshis where buyers might face a resistance. Today’s focus would be on a test of 50.6 Satoshis, as a clear break of that might ignite sharp gains in the near term.
On the upside, offers from various accounts are tipped at 50.6 Satoshis and then 51.0 Satoshis with stops building up just above 51.1 Satoshis.
Trend Line and Bollinger Support
There is a major support formed around 48.0 Satoshis, as there is a bullish trend line converging with the middle band of Bollinger bands. In short, there is a solid support base formed at the confluence area. On the downside, a break below the middle Bollinger band is likely to take Dogecoin towards the 100 hourly simple moving average. Only a daily close below 100 SMA could indicate a near-term top is made.
Intraday Support Level – 46.9 Satoshis
Intraday Resistance Level – 50.6 Satoshis
On the upside, a move above the stated resistance could open doors for 51.1. The hourly RSI is comfortably placed above the 50 level, which is a negative sign for bears. Furthermore, there is no sign of divergence on the hourly and the 4-hours chart, suggesting upsides are likely.
Charts courtesy of Trading View
