Dogecoin Continues Downtrend as Bears Resume Selling below $0.069

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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
Today, Dogecoin’s (DOGE) price has fallen to the low of $0.069 as bears resume selling below $0.069. The cryptocurrency is making an upward correction as it reaches the high of $0.089. The upward correction is likely to face resistance at the $0.10 price level. Nonetheless, if the bulls break above the $0.10 resistance, the market will rally to the $0.12 price level. Today, Dogecoin is rising to the previous high. DOGE will fall and retest the previous low if it turns away from the recent high. A break below the $0.06 support will sink the coin to a low of $0.04.

Dogecoin Continues Downtrend as Bears Resume Selling below $0.069
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE/USD is at level 31 of the Relative Strength Index for period 14. It indicates that the DOGE has reached the oversold region. The downward move is likely to subside as the market reaches bearish exhaustion. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating the range-bound move.

DOGE/USD Medium-term bias: Bearish
On the 4– hour chart, the DOGE price is in a downward move. The coin declined to the low of $0.06 and resumed upward correction. Meanwhile, on May 9 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extension or $0.079. DOGE price has retested the Fibonacci extension but faced rejection at the recent high.

Dogecoin Continues Downtrend as Bears Resume Selling below $0.069
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 20% range of the daily stochastic. It is trading in the oversold region. The 21-day line and 50-day line moving averages are sloping southward indicating a sideways move.

General Outlook for Dogecoin
DOGE/USD is in a downtrend as bears resume selling below $0.069. The altcoin is facing rejection at the recent high. It will decline if the current support is breached.


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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.