- The Dogecoin price forming an interesting structure on the hourly chart with support around 36-38.0 Satoshis.
- If the price breaks the highlighted bullish trend line and support area, a decline towards 32.0 Satoshis is possible.
- Our yesterday’s highlighted bearish trend line on the 30-mins chart (price feed from CEX.IO) is still in play and acting as a resistance.
Dogecoin price looks like forming a breakout structure on the hourly chart with most indicators aligning for a bearish move.
36-38.0 Satoshis as Support
The recent price action in the Dogecoin price has been annoying as there was no proper directional action. Currently, the price is forming a breakout structure on the hourly chart (data feed from HitBTC). There are a couple of trend lines formed, one on the upside and another on the downside.
The price recently traded near the upper bearish trend line and found resistance, as the 50% Fib retracement level of the last move from the 46.5 Satoshis (high) to 36.0 Satoshis (low) acted as a hurdle for buyers. The price is currently trading lower and finding bids around the 100 hourly simple moving average. A break below it may take the price towards the support trend line that holds the key for more losses in the near term.
When we look at the 30-mins chart of the Dogecoin price (data feed from CEX.IO), then our yesterday’s highlighted bearish trend line continued to act as a barrier for buyers. Only a break and close above it may change the trend and take the price higher moving ahead.
Looking at the indicators:
Hourly MACD – There is a minor convergence noted on the MACD pointing towards a downside move.
Hourly RSI – The hourly RSI is a few points above the 50 level, which is a contradicting signal for sellers.
Intraday Support Level – 36.0 Satoshis
Intraday Resistance Level – 40.0 Satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View