- Dogecoin price showing some signs of a recovery, which means there is a chance of a move higher.
- 0 Satoshis continued to act as a support to the price and as long as it holds more gains are likely.
- There are two trend lines formed on the hourly chart, one on the downside and another on the upside.
Dogecoin price managed to hold ground and it looks like buyers might take an attempt to take the price higher.
Trend line resistance
Our highlighted support area of 50.0 Satoshis continued to act as a support for the price. The price is currently correcting higher and heading towards a bearish trend line on the hourly chart. However, as highlighted in yesterday’s post there is a cluster of hurdles on the way up and it won’t be easy for buyers to take the price higher in the near term.
There is a major resistance forming near 53.0 Satoshis. The stated level acted as a support earlier and might act as a barrier moving ahead. Moreover, the 38.2% Fib retracement level of the last drop from 58.3 Satoshis to 50.1 Satoshis is also positioned around the highlighted resistance area. However, a positive to note is the fact that the price is above the 23.6% Fib level. So, if buyers succeed in breaking the stated resistance area, then there is a chance of more gains may be towards the 50% Fib level.
The price is trading near the 100 hourly simple moving average, but there is no convincing break above it. We need to see whether buyers can take the price above the trend line resistance or not.
On the downside, the highlighted bullish trend line area can be seen as a support.
Intraday Support Level – 52.0 Satoshis
Intraday Resistance Level – 53.0 Satoshis
The hourly RSI is above the 50 level, which is a bullish sign.
Charts courtesy of Trading View