- Dogecoin price struggling to gain pace, but there is a chance of it trading higher in the near term.
- There is a bullish trend line formed on the hourly chart, acting as a support for buyers.
- Buyers need to clear 60.0 Satoshis for more gains moving ahead.
Dogecoin price struggling to hold the ground, but if buyers gain control, an upside move is likely.
Trend Line Support
We highlighted recently that there was an upside break above 60.0 Satoshis, which represents a major pivot. However, the price dived one more time to close below the mentioned pivot area. The price also struggled to close above the 100 hourly simple moving average, and currently trading around it. However, there is a bullish trend line formed on the hourly chart, which managed to protect losses on more than three occasions. So, we need to see whether buyers can take the advantage of the same or not.
If the price moves higher from the current levels, then as mentioned earlier, the most important resistance is around 60. Satoshis. If there is a break above it, the price might head towards the 50% Fib retracement level of the last leg down from 66.9 Satoshis to 57.5 Satoshis. Any further gains might be limited considering the fact that there are many hurdles lined on the high side.
If sellers clear the highlighted trend line and support area, then it might be a bearish call in the short term. The price could dip towards the last swing low of 54.0 Satoshis in that situation or may be towards 50.0 Satoshis.
Intraday Support Level – 57.5 Satoshis
Intraday Resistance Level – 60.0 Satoshis
The hourly RSI and MACD are not showing any sign of a break, and suggesting ranging moves in the short term.
Charts courtesy of Trading View