- Dogecoin price is in a minor uptrend and it looks like it might head higher in the near term.
- There is a major bullish trend line formed on the hourly chart, which may provide support moving ahead.
Dogecoin price failed time and again to move lower, which means the chances of it trading higher is increasing.
This past week we highlighted a triangle pattern, which was breached towards the upside and opened the doors for more upsides in the short term. However, gains were limited, as the price struggled around 78.0 Satoshis where sellers took a stand and stalled the upside. One major bullish point to note from the chart is the fact that the price is above the 100 hourly simple moving average.
Moreover, there is a bullish trend line formed on the hourly chart, which might provide support if the price moves lower from the current levels. Furthermore, the 50% Fib retracement level of the last leg from the 63.5 Satoshis to 78.9 Satoshis. In short, there is a major support area building around 72.0 Satoshis. One key point here is that the mentioned level is a swing area, which acted as a support and resistance on many previous occasions.
On the upside, a crucial area is formed around 78.0 and 80.0 Satoshis that could act as a major barrier for buyers in the short term. On the downside, the 100 hourly simple moving average is a major factor for losses, and might prevent more downsides. The Bollinger Bands are expanding and signaling a broad range trading moving ahead.
Intraday Support Level – 71.0 Satoshis
Intraday Resistance Level – 80.0 Satoshis
The hourly RSI and MACD are shaping up towards the bearish trend and might encourage sellers to take the price lower.
Charts courtesy of Trading View