Dogecoin Consolidates Above $0.17 Support, Reaches Bearish Exhaustion

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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 broken below the 21-day line moving average as it reaches bearish exhaustion. The implication is that sellers will attempt to sink the altcoin further to the downside. DOGE price has fallen to the low of $0.17 and buyers are defending the current support. In the previous price action, the market declined to $0.15 low as bulls bought the dips. The current support is holding as buyers resume an uptrend. Buyers have to push the DOGE price above $0.22 to be out of a downward correction.

Dogecoin Consolidates Above $0.17 Support, Reaches Bearish Exhaustion
DOGE/USD – Daily Chart

Daily Chart Indicators Reading
The crypto’s price is below the 21-day line SMA and the 50-day SMA which indicates a possible fall of prices. DOGE price is at level 42 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. The 21-day line SMA and the 50-day SMA are sloping downward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
Dogecoin is in a downward move and at the bottom of the chart. The altcoin is consolidating above the $0.17 support. Meanwhile, on November 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOGE price will fall to level 1.272 Fibonacci extension or level $0.16. From the price action, DOGE price is consolidating above the Fibonacci extension.

Dogecoin Consolidates Above $0.17 Support, Reaches Bearish Exhaustion
DOGE/USD – Daily Chart

Daily Chart Indicators Reading
Dogecoin is above the 25% area of the daily stochastic. The stochastic bands are sloping above the 25% area of the daily stochastic. The bullish momentum has been unstable. The moving averages are sloping downward indicating the downtrend.

General Outlook for Dogecoin
Dogecoin is in a downward move as it reaches bearish exhaustion. The market is consolidating above the $0.17 support for a possible upward move.

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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.