Dogecoin Consolidates Above $0.067 as It Risks Further Decline

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 is in a downtrend after the recent breakdown as it consolidates above $0.067. The crypto fell to the low at $0.067 and from the high $0.09 resistance zone. Today, buyers have pushed DOGE price above the 50-day line SMA as it approaches the 21-day line SMA. DOGE will rise and revisit the $0.09 overhead resistance if price breaks above the moving average lines. On the other hand, the altcoin will be compelled to a range-bound move if it fails to break the 21-day line SMA. On the downside, the altcoin risks decline if the bears break below the 50-day line SMA. In the meantime, the altcoin is trading at $0.07 at the time of writing.

Dogecoin Consolidates Above $0.067 as It Risks Further Decline
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 48 of the Relative Strength Index for period 14. The altcoin is in the bearish trend zone because of the recent decline. The crypto’s price is between the 50-day line SMA and the 21-day line SMA which indicates a possible range-bound move.

DOGE/USD Medium-term bias: Bearish
On the 4– hour chart, the DOGE price is in a downtrend as it reaches the low of $0.067. After the recent decline, the bears could not sustain the bearish trend as the altcoin consolidated above the current support. Meanwhile, on the August 19 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOGE will fall to level 1.272 Fibonacci extension or $0.06.

Dogecoin Consolidates Above $0.067 as It Risks Further Decline
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Dogecoin is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. Buyers have emerged to push prices upward. The 21-day line and 50-day line moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
Dogecoin is in a downtrend as it consolidates above $0.067. The uptrend will resume if the current support at $0.067 holds. The altcoin is rising as it reaches the high of $0.069 at the time of writing. The selling pressure may continue if the bears break below the $0.067 support. The market will decline to the low of $0.61.


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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

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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.