Dogecoin Breaks below the $8.00 Support as It Approaches $6.00 Low

Updated:

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

DOGE/USD Long-term Trend: Bearish
Dogecoin’s (DOGE) price has resumed its downward move as it approaches $6.00 Low. For the past week, the altcoin has been fluctuating in a tight range between the $0.08 and $0.09 price levels. Today, the bears have broken below the lower price range as sellers attempt to revisit the previous low. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.272 Fibonacci extension or $0.051. From the price action, Dogecoin is approaching the low of $0.07.

Dogecoin Breaks below the $8.00 Support as It Approaches $6.00 Low
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin is at level 30 of the Relative Strength Index for period 14. The altcoin has fallen to the oversold region of the market. Buyers are expected to emerge in the oversold region to push prices upward. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. The 21-day line SMA is acting as a resistance line to the price bars.

DOGE/USD Medium-term bias: Ranging
On the 4– hour chart, the DOGE price is in a sideways move. The price action is characterized by small body candlesticks called Doji and Spinning tops. The bears have broken below the lower price range. This is an indication of further downward movement of prices.

 Dogecoin Breaks below the $8.00 Support as It Approaches $6.00 Low
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 40% range of the daily stochastic. The altcoin is in a bearish momentum. The 21-day line and 50-day line moving averages are sloping horizontally indicating a sideways move.


General Outlook for Dogecoin
Dogecoin is in a downward move as it approaches $6.00 Low. The cryptocurrency is likely to revisit the previous low at $0.06 price level.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.