Key Highlights

Dogecoin price looks like consolidating after the recent losses which can be seen as part of a correction.

There is a minor bearish trend line formed on the hourly chart (data feed from HitBTC), which may ignite the next move in the near term.

A break above the highlighted trend line and resistance area may take the price towards the last swing high of 35.0 Satoshis.

Dogecoin price looks like setting up for the next move higher and if buyers manage to clear the highlighted trend line, more gains are feasible.

Buy with a Break?

We highlighted in yesterday’s post that buying dips may be a nice deal. Dogecoin price stayed above the 100 hourly simple moving average and found buyers. The price is now setting up for the next move and currently consolidating. There is a bearish trend line formed on the hourly chart (data feed from HitBTC), which is acting as a minor resistance for buyers.

A break above the trend line and resistance area is needed for buyers to take control. If they succeed in breaking the trend line then there is a chance of a move towards the last swing high of 35.0 Satoshis. On the downside, there are many supports aligned. The first one is the 50% Fib retracement level of the last wave from the 29.0 Satoshis low to 35.1 Satoshis high.

And, if the price slides further, then buyers may try to prevent additional weakness around a major confluence area of the 61.8% fib retracement level (29.0 Satoshis low to 35.1 Satoshis high) and the 100 MA.

Overall, we may consider buying Dogecoins with a break above the trend line resistance area.

Looking at the indicators:

Hourly MACD – The MACD is about to change the slope to bullish, signaling bullish signs.

Hourly RSI – The RSI is above the 50 level, which is a positive sign for bulls.

Intraday Support Level – 31.5 Satoshis

Intraday Resistance Level – 33.0 Satoshis

Charts from HitBTC and CEX.IO; hosted by Trading View