- There are a couple of monster bearish trend lines on the daily timeframe chart of Dogecoin price, which are preventing buyers to take the price higher (price feed from HitBTC).
- There were many attempts made to clear the highlighted trend line and resistance area, but sellers managed to defend the upside successfully.
- The breakout pattern on the 30-mins chart (price feed from CEX.IO) is still due that can cause some action moving ahead.
Dogecoin price is attempting to trade higher and break all shackles, but the resistance around 40-45.0 Satoshis is preventing gains.
Sellers in Control
It is quite clear from the daily timeframe chart (price feed from HitBTC) that there are many barrier for buyers around 40-45.0 Satoshis, and sellers are under control. Every time buyers make an attempt to take the price higher, sellers step in and prevent the upside move. There are a couple of bearish trend lines formed, meeting around the stated resistance area. The worst part for buyers is the fact that the price is way below the 100-day simple moving average (MA), which means it might be difficult for them to take the price higher in the short term.
Moreover, the 50% Fib retracement level of the last drop from the 58.0 Satoshis (high) to 28.3 Satoshis (low) is also acting as a resistance and holding buyers back.
In the short term view, Dogecoin price is forming a breakout structure on the 30-mins chart (data feed from CEX.IO) as highlighted in yesterday’s post. We are waiting for a break to get to get a clear view where the price may head next.
Looking at the indicators:
Daily MACD – According to the MACD, the price is trading with a bullish bias.
Daily RSI – The RSI is just below the 50 level, so it would be interesting to see if there can be a break higher or not.
Intraday Support Level – 36.0 Satoshis
Intraday Resistance Level – 40.0-45.0 Satoshis
Charts from HitBTC and CEX.IO; hosted by Trading View