Dogecoin Advances as It Aims for the $0.20 High

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bullish
Dogecoin (DOGE) price has risen above the $0.059 support as it aims for the $0.20 high. The price has been fluctuating in a narrow range between $0.056 and $0.066 since August 26. The upward trend has soared to a high of $0.15 today. Buyers are steadfastly protecting the existing support level of around $0.056 on the downside. The rally started as DOGE fell precipitously to a low of $0.055. The bulls are purchasing the dips. Today, the crypto is progressing upward after a minor retracement.

Daily Chart Indicators Reading:
Dogecoin has risen significantly to level 89 on the Relative Strength Index for period 14. The implication is that Dogecoin has surpassed the overbought region of the market. There is the likelihood of sellers’ emergence. Because of the price rebound, the moving average lines are making a U-turn indicating the uptrend.

DOGE/USD Medium-term bias: Bullish
On the 4-hour chart, Dogecoin is trading in the bullish trend zone. On October 29 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement implies that DOGE will rise to level 2.0 Fibonacci extension level or $0.20.

4-hour Chart Indicators Reading
DOGE has positive momentum and is above the daily Stochastic’s 40% range. The 50-day line SMA is trending upward, indicating an uptrend, while the 21-day line SMA is rising upward.
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General Outlook for Dogecoin
DOGE/USD has rebounded as it aims for the $0.20 high. The current trend is seriously in the overbought region. Sellers may emerge in the overbought region. In a strong trending market, an overbought condition may not hold.


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