Dogecoin Consolidates above $0.17 Support, Uptrend Likely

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 still in a downward correction. Since December 4 price collapse, DOGE price has been holding above the $0.17 support. For the past week, the altcoin has been fluctuating above the current support. Dogecoin’s long candlestick tail is indicating that the support levels below the current support are strong buying pressure levels. The cryptocurrency is likely to resume upward if the altcoin rebounds above the current support.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 31 of the Relative Strength Index for period 14. DOGE price has reached the oversold region. The selling pressure is likely to end as the altcoin consolidates above the current support. The crypto’s price is below the moving averages indicating the downtrend. The 21-day line SMA and the 50-day SMA are sloping downward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
DOGE price is in a downtrend as price breaks below the moving averages. Meanwhile, on November 27 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE price will fall to level 1.272 Fibonacci extension or level $0.16.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Dogecoin is above the 40% area of the daily stochastic. It indicates that the market is in a bullish momentum but it is unstable. The moving averages are sloping downward indicating the downtrend.

General Outlook for Dogecoin
Dogecoin has reached bearish exhaustion as the market declines. The altcoin is consolidating above the $0.17 support for a possible upward move. The price movement is characterized by small body indecisive candlesticks.


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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.