Dogecoin Consolidates Above the $0.06 Low as Recovery Is Doubtful

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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 consolidates above $0.06 low as recovery is doubtful. After starting to rise, DOGE is now regaining ground. As bulls bought the dips on December 19, the bears dropped below the $0.07 support in the current price action. Buyers are finding it difficult to maintain the price above the previous low at the $0.07 level. The bullish momentum is currently testing the prior support level of $0.07, which is becoming a resistance level. If buyers manage to sustain the price above the $0.07 resistance level, the market will move above the moving average lines and reach a high of $0.10.

 Dogecoin Consolidates Above the $0.06 Low as Recovery Is Doubtful
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
According to the Relative Strength Index for period 14, Dogecoin is still trading at level 35. The cryptocurrency asset will probably keep falling as long as it is in the bearish trend zone. The price bars’ location beneath the moving average lines indicates a further decline.

DOGE/USD Medium-term bias: Bearish
DOGE is slipping as it nears the current support level of $0.07 on the 4-hour chart. Buyers have been defending the present support since November 9. Today’s support level was breached, but the altcoin is gaining momentum above it.

Dogecoin Escapes the Downturn as It Climbs Above $0.07
DOGE/USD – 4 Hour Chart

 

4-hour Chart Indicators Reading
Today’s price of DOGE is below the daily Stochastic threshold of 80. It implies that there is a bearish momentum in the market. A downtrend is shown by the 50-day and 21-day SMA lines’ downward slopes.

General Outlook for Dogecoin
Dogecoin has broken below $0.07 support as recovery is doubtful. The cryptocurrencies are consolidating above their current support level. Because of their thin bodies and lack of conviction, Doji candlesticks stand out in price movement.

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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.