Dogecoin Consolidates Above Current Support as It Faces Rejection at $0.071

Updated:

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’s (DOGE) price is trading above the moving average line as it faces rejection at $0.071. Today, the DOGE price is fluctuating above the 21-day line SMA. On July 28 uptrend; the bulls were also repelled at the high of $0.070. On the upside, if DOGE rebounds and breaks the resistance at $0.071, the altcoin will rise to the high of $0.08. However, the upward move is doubtful because of the presence of small body indecisive candlesticks called Doji and Spinning tops. On the other hand, the selling pressure will resume if price breaks below the $0.060 support. Meanwhile, DOGE/USD is trading between $0.060 and $0.071 price levels.

Dogecoin Consolidates Above Current Support as It Faces Rejection at $0.071
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin is at level 53 of the Relative Strength Index for period 14. DOGE is in the bullish trend zone and may further rise. The crypto’s price is above the moving average lines indicating a further upward move.

DOGE/USD Medium-term bias: Bullish
On the 4– hour chart, the DOGE price is in an upward move as it breaks above the moving average lines. Since August 5, the upward move has been hindered at the high of $0.070 high. The crypto will rise if the bulls break above the resistance at $0.070. According to the Fibonacci tool analysis, the market will rise to a high of $0.074.

DogecoinConsolidates Above Current Support as It Faces Rejection at $0.071
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum and has subsided. The 21-day line and 50-day line moving averages are sloping horizontally indicating a sideways move.

General Outlook for Dogecoin
Dogecoin has been in a sideways move as it faces rejection at $0.071. The price action is characterized by Doji, hence the downward correction.


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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.