Dogecoin Price Technical Analysis – Support Turned Resistance?

Dogecoin Price Key Highlights

  • Dogecoin price has been trending lower, with a descending trend line able to connect the recent highs of price action.
  • A correction is taking place from the recent drop, with price moving up to test the broken support near 42 Satoshis.

Dogecoin price could retrace to the 50% Fibonacci level, which coincides with the descending trend line and area of interest.

Dynamic Inflection Points

The 100 SMA appears to be holding as a dynamic resistance area for now since it is close to the 38.2% Fibonacci retracement level. A higher pullback could last until the 50% Fib, which is close to the 200 SMA. The 100 SMA is still below the 200 SMA and moving much lower, suggesting that bearish pressure is picking up.

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Stochastic and RSI are still heading up, which suggests that there is a bit of buying momentum left for a higher pullback. The line in the sand is at the 61.8% Fib or the 44 Satoshis level, with an upside breakout indicating that a reversal is underway.

Once the oscillators start crossing lower, bears could jump in and allow the impulse wave to resume, potentially pushing dogecoin price to the previous lows at 36 Satoshis.

Intraday support level – 36 Satoshis

Intraday resistance level – 44 Satoshis

Charts from TradingView

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