Key Highlights
- Dogecoin buyers trying their best to clear an important resistance area at 71.8 Satoshis.
- A broad range of 65.0-72.0 Satoshis as highlighted in the previous analysis continued to contain buyers and sellers.
- A break is must if we need to see some action in the short term.
If you are considering to trade Dogecoin, then better wait for a convincing break above 72.0 Satoshis to enter a buy trade.
Can it break higher?
There was a large bearish candle formed on the hourly chart of Dogecoin recently, as highlighted in the weekly analysis. However, sellers failed to capitalize on the same, as the price bounced back sharply to trade near the range resistance of 71.8 Satoshis. It tested the mentioned resistance on many occasions, and currently forming a minor bearish trend line around the range top. If buyers manage to clear it, and take the price above 72.0 Satoshis, the chances of more upsides are likely. We need to see how sellers react around the range resistance, as it won’t be an easy task for buyers to take the price higher.
The next level of interest on the upside might be around the 1.236 extension of the last drop from 71.8 Satoshis to 66.6 Satoshis, which is at 73.1 Satoshis. Any further gains could take the price towards 75.0 Satoshis.
If buyers fail to take the price above the highlighted bearish trend line, then the price may perhaps fall back towards the 100 hourly simple moving average that holds a lot of importance for sellers in the short term. A break below 100 MA could set the price for a move towards the range bottom support area.
Intraday Support Level – 65.0 Satoshis
Intraday Resistance Level – 72.0 Satoshis
There is no bearish signal on RSI and MACD, which is an encouraging sign for buyers moving ahead.
Charts courtesy of Trading View