- Dogecoin price continued to trade above an important support area of 52.5 Satoshis, which is a swing area.
- There is a bearish trend line formed on the hourly chart, which is acting as a minor resistance for buyers.
Dogecoin price might move higher in the near term, as buyers successfully defended 52.5 Satoshis many times.
52.5 As a Support
The Dogecoin price continued to find bids around a major support area of 52.5 Satoshis. Sellers made several attempts recently to clear the stated level, but every time buyers managed to defend the downside. There is also a support trend line formed around the same area, which is also helping buyers in preventing more losses in the near term. No doubt, if sellers make one more attempt it won’t be easy for them to break the highlighted trend line and support area.
Currently, the price is trading above the 100 hourly simple moving average, which is a positive sign. However, there is a bearish trend line formed on the hourly chart, connecting all recent swing highs acting as a resistance for buyers. There was a rejection noted once around the 38.2% Fib retracement level of the last drop from 58.4 Satoshis to 52.6 Satoshis. Let us see whether the price can manage to clear the trend line and resistance area. A break above the 38.2% Fib retracement level could take the price towards the 50% Fib level.
On the downside, 52.5 Satoshis holds the key, as a break below it might put sellers in control. The next level of interest in that situation may be around 50.0 Satoshis.
Intraday Support Level – 52.5 Satoshis
Intraday Resistance Level – 55.0 Satoshis
The hourly RSI is above the 50 level, which is a positive sign and might encourage buyers.
Charts courtesy of Trading View