Dogecoin Price Technical Analysis – Sights Set on Next Area of Interest

Dogecoin Price Key Highlights

  • Dogecoin price has been forming new lows on its short-term time frames without much sign of a pullback from the downtrend, which means that selling pressure is very strong.
  • Price has recently broken below an area of interest visible on the daily time frame and may have its sights set on the next one at 40 Satoshis.

Dogecoin price is breaching one area of interest after another and may carry on with its decline to the next major support areas.

Moving further south

Dogecoin price is already closing in on the next support area at 40 Satoshis, which kept losses in check after a few price spikes in the past. This area might have a lot of long entry orders for scalpers or profit-taking from current short positions, potentially leading to yet another spike.

Stochastic is already near the oversold area, which means that bears are getting exhausted and may let bulls take over for a while. Similarly, RSI is also indicating oversold conditions, suggesting that a bounce is possible.

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A break below the nearby support at 40 Satoshis could put price on track towards testing the next floor at 30 Satoshis. The 100 SMA has just crossed below the longer-term 200 SMA, which means that price has its sights set much lower. A bounce from the current levels, however, could spur a move back to the previous area of interest near 50 Satoshis.

Intraday support level – 40 Satoshis

Intraday resistance level – 45 Satoshis

Charts from TradingView

The post Dogecoin Price Technical Analysis – Sights Set on Next Area of Interest appeared first on NEWSBTC.

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