DOGE Is Experiencing a Significant Decline as It Holds Above $0.066

Key Resistance Levels: $0.10, $0.12, $0.14
Key Support Levels: $0.08, $0.06,$0.04

DOGE/USD Long-term Trend: Bearish
The price of Dogecoin (DOGE) has significantly decreased as it holds above $0.066. The current decline dipped as low as $0.064 before recovering to the prior low of $0.066. The price indicator has, however, suggested that DOGE will keep declining. On February 9, a candle body tested the 50% Fibonacci retracement level. The correction predicts that DOGE will fall to the Fibonacci extension’s level 2.0, or $0.060. The price movement indicates that DOGE dropped to a low of $0.062 before rising to its previous low of $0.066. The crypto price is currently holding steady above the $0.066 support.

.066" width="996" height="538" data-lazy-src="https://learn2.trade/wp-content/uploads/2023/03/DOGEUSDDaily-Chart-March-11.png"/>

Daily Chart Indicators Reading:
DOGE is at level 22 of the Relative Strength Index for period 14. In the oversold area of the market, it has significantly decreased and might attract buyers at a lower price. The altcoin’s price bars are significantly below the lines of the moving average, pointing to further decline. Dogecoin had previously been located in the oversold area of the market. It has now crossed the daily Stochastic level of 25 and is moving in a bullish direction.

DOGE/USD Medium-term bias: Bearish
On the 4-hour chart, DOGE is experiencing a significant decline. The altcoin has dropped from a high of $0.091 to a low of $0.064. Selling pressure has eased since the price drop on March 9. Over the past 48 hours, the coin’s price has fluctuated between $0.063 and $0.068. The market will trend if these levels are broken.

.066" width="995" height="538" data-lazy-src="https://learn2.trade/wp-content/uploads/2023/03/DOGEUSD4-Hour-Chart-March-11.png"/>

4-hour Chart Indicators Reading

DOGE is in a bullish momentum over the daily Stochastic level of 70. The 21-day SMA serves as resistance for the price bars. The 21-day SMA has been retested twice by the price of DOGE while it is in a range. If buyers are unable to surpass the moving average lines, selling pressure will pick up again.


General Outlook for Dogecoin
Dogecoin is now at the very bottom of the chart as it holds above $0.066. It has reached bearish exhaustion. Buyers are likely to emerge to push prices upward. Presently, DOGE is fluctuating in a narrow range.

You can purchase crypto coins here: Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results