- Dogecoin price struggled to hold the ground and traded lower to set a new low below 54.0 Satoshis.
- There was a bullish trend line formed on the hourly chart, which was breached and failed to help buyers.
- There is a major resistance forming around 60.0 Satoshis, which must be cleared for more gains.
Dogecoin price after setting a new low corrected higher, but facing a major resistance around 60.0 Satoshis.
We highlighted recently that price struggled to close above the 100 hourly simple moving average, there was a bullish trend line formed on the hourly chart. The trend line was breached by sellers to push the price below the last swing low of 54.0 Satoshis. A new low was formed at 53.5 Satoshis. The price is currently correcting higher, but facing a lot of barriers on the upside.
There is a monster resistance formed around 60.0 Satoshis. As well all know that the stated level acted as a pivot area many times, and it might continue to do so in the near term. Moreover, the 50% Fib retracement level of the last leg down from 66.9 Satoshis to 53.5 Satoshis is now aligned with the same level. In short, sellers might fight hard to prevent any additional gains. We need to see how long they can prevent gains and whether buyers can break 60.0 Satoshis or not moving ahead.
On the downside, the 100 hourly SMA may provide support, but if there is a break the last low of 53.5 Satoshis could be tested in the near term as long as the price is below 60.0 Satoshis.
Intraday Support Level – 56.0 Satoshis
Intraday Resistance Level – 60.0 Satoshis
The hourly RSI and MACD are tilting in favor of buyers, which can be seen as a positive sign.
Charts courtesy of Trading View