- Dogecoin price continued to trader with a positive tone, but the last swing high of 58.3-4 Satoshis stalled gains one more time.
- There are a couple of support trend lines acting as a hurdle for sellers and might continue to act as a catalyst.
Dogecoin price traded higher to trade near 58.4 Satoshis where it found sellers one more time.
Trend line support
The Dogecoin price after a minor correction Intraday traded higher and moved towards the last swing high of 58.3 Satoshis. Buyers failed to break the stated level, and as a result there were a couple of spikes down. As highlighted yesterday, there are a couple of bullish trend lines formed on the hourly chart, which are acting as a hurdle for sellers. If they manage to clear the first trend line, then the next trend line might come into play. The second trend line holds a lot of importance as the 50% Fib retracement level of the last leg from 52.3 Satoshis to 58.3 Satoshis. The mentioned fib level is positioned around it.
Moreover, the 100 hourly simple moving average is lined up with the lower bullish trend line, pointing that there is a major support formed around 56.5 Satoshis. It won’t be easy for sellers to break it and take the price lower. However, we cannot deny that there are many rejections noted around 58.4 Satoshis, which means it’s time for make it or break it. Let us see how the price trades in the near term.
On the upside, as mentioned yesterday 58.3 Satoshis holds the key for more gains moving ahead.
Intraday Support Level – 56.5 Satoshis
Intraday Resistance Level – 58.3 Satoshis
The hourly RSI has started to move below the 50 level, which is a negative sign in the short term.
Charts courtesy of Trading View