- Dogecoin price struggled to clear a major resistance around 60.0 Satoshis earlier, but now there is a break noted.
- As mentioned in yesterday’s analysis, a break above 60.0 Satoshis might ignite an upside reaction, which is exactly what happened.
- The next level of selling interest could be seen around 64.0 Satoshis where sellers might appear.
Dogecoin price managed to clear an important resistance around 60.0 Satoshis, which has opened the doors for more upsides.
We highlighted recently that price is facing a major barrier around 60.0 Satoshis, as the 100 hourly simple moving average was also around the stated level. However, the price managed to clear the stated hurdle, which ignited an upside reaction. The most important point is the fact that there was a break above the 50% Fib retracement level of the last leg down from 66.9 Satoshis to 53.5 Satoshis.
There is a now a bullish trend line formed on the hourly chart, which might act as a support if the price moves lower from the current levels. Furthermore, the 100 hourly SMA is now aligned with the highlighted trend line, which means the price has a critical support building on the downside. Not to forget, 60.0 Satoshis, which was a resistance earlier would now act as a support on the downside. So, buying dips can be a good option in the near term for buyers.
On the upside, the next level of selling interest might be around 64.0 Satoshis. It represents a major swing area, and the 76.4% Fib level of the last drop is also positioned around the mentioned area.
Intraday Support Level – 56.0 Satoshis
Intraday Resistance Level – 60.0 Satoshis
The hourly RSI and MACD are positioned nicely and suggesting more gains in the short term.
Charts courtesy of Trading View