Dogecoin Price Technical Analysis – Downside Thrust Underway

Dogecoin Price Technical Analysis – Downside Thrust Underway

Dogecoin Price Key Highlights

There was a clear break noted in Dogecoin price, which has increased the chance of a move lower in the near term.

71.0 Satoshis as a Support

Yesterday, we highlighted that the possibility of a break lower is increasing, as the price struggled to move higher. The price did move lower Intraday, and also cleared the bullish trend line formed on the hourly chart. The hourly close below the 100 MA proved nasty, as it was one of the main reasons why sellers were able to take the price lower. After the decline, the price stopped around 76.0 Satoshis, which is a short-term support term.

If the price manages to correct higher from the current levels, then initial hurdle is around the 23.6% Fib retracement level of the last decline from 91.7 Satoshis to 75.1 Satoshis, which is also around the Upper Bollinger Band. So, 79.1 Satoshis might act as a critical resistance area moving ahead. Moreover, the 100 hourly MA is also above the mentioned resistance area, adding to the value of the barrier.

Any further gains could find sellers around the 50% Fib retracement level, followed by the broken trend line. On the downside, a break below 76.0 Satoshis may take the price towards an important support area of 71.0-70.0 Satoshis, as it acted as a pivot on a number of occasions.

Intraday Support Level – 71.0 Satoshis

Intraday Resistance Level – 81.0 Satoshis

Both the hourly RSI and MACD are in the negative zones, and pointing more downsides.

 

Charts courtesy of Trading View

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