Key Highlights
- Dogecoin price continued to struggle to clear an important bearish trend line as highlighted in yesterday’s post.
- 0 Satoshis is turning out to be a major barrier for buyers.
- Most technical indicators are pointing more gains in the short term.
Dogecoin buyers continued to push the price higher, but failed to clear a critical barrier at 78.0 Satoshis.
What’s next?
Dogecoin price is heading towards a major break if buyers succeed in taking it above a crucial bearish trend line on the hourly chart. The highlighted trend might turn out to be major factor in the short term, as the price struggled on many occasions around it. If there is a convincing break, then there lies a chance of it heading towards the next level of selling interest around 80.0 Satoshis.
However, a major swing area is formed around the 1.236 extension of the last drop from 78.8 Satoshis to 68.0 Satoshis. It is where buyers may face hurdles in the near future. Currently, the price is struggling to clear the 88.6% Fib level along with the trend line.
If buyers fail to take the price above the stated resistance zone, then a move lower towards the Lower Bollinger Band is possible. The 100 hourly simple moving average is playing its part, and acting as a swing area. It won’t be easy for sellers to take the price lower, as there are many technical indicators suggesting gains in the short term.
Both the hourly RSI and the MACD are in the positive zone, pointing to the fact that buyers are in control.
Intraday Support Level – 74.0 Satoshis
Intraday Resistance Level – 78.0 Satoshis
Overall, one might consider buying with a break above the highlighted trend line with a tight stop in the short term.
Charts courtesy of Trading View