Dogecoin Price Key Highlights
- Dogecoin price failed once again to trade above the 100 hourly moving average and declined intraday.
- The price continued to struggle and our forecast to target additional weakness remains intact.
- More losses are likely in the near term as long as the price is below 76.0
Dogecoin price fell one more time yesterday and almost tested the last low of 64.7 Satoshis, which is a strong bearish sign.
How important is 100 MA?
Dogecoin price fell intraday as forecasted in yesterday’s analysis. We were anticipating a new low below 64.7 Satoshis, but the price managed to find buyers just around the mentioned level. However, there still lies a chance of a new low in the near term, as the price remains under bearish pressure. There is a monster resistance formed around the 100 hourly simple moving average, as it is also colliding with the 75.4% Fib retracement level of the last drop from 79.2 Satoshis to 64.7 Satoshis.
There were many rejections noted around the 100 MA, and that is the reason why it holds the key in the near future. If the price closes above it successfully, and also manages to clear a major bearish trend line on the hourly chart, the possibility of it trading higher might increase. We need a convincing break and close above a critical swing area of 76.0 Satoshis in order for more gains. The next level of interest in that situation may be around 80.0 Satoshis.
On the downside, the last low of 64.7 Satoshis is a support area. A break below the same might set the price for a test of 62.0 Satoshis.
Intraday Support Level – 64.7 Satoshis
Intraday Resistance Level – 76.0 Satoshis
In short, selling rallies close to the 100 MA might be considered moving ahead.
Charts courtesy of Trading View