Dogecoin Continues Its Sideways Move as It Holds Above $0.07

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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
As DOGE/USD oscillates between the moving average lines as it holds above $0.07. DOGE has been caught between the moving average lines since November 9. However, as long as the moving average lines are unbroken, the cryptocurrency will continue to be trapped. DOGE is currently retracing over the 50-day SMA. If buyers sustain the price above the 21-day line SMA, DOGE will move upward and retest its prior high of $0.15. The market will drop to its previous low at $0.05 if DOGE drops and breaks below the 50-day line SMA.

Dogecoin Continues Its Sideways Move as It Holds Above $0.07
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
As DOGE reaches level 47 of the Relative Strength Index for period 14, it will start to fall even more. The price bars are positioned between the moving average lines, indicating a sideways trend. The altcoin is currently in a positive momentum above the daily Stochastic level of 40.

DOGE/USD Medium-term bias: Bearish
Dogecoin is moving sideways above the $0.07 support on the 4-hour chart. The prevalence of small-body indecisive candlesticks is causing the crypto’s trading to be just modestly profitable. These candlesticks show that both buyers and sellers are unsure of the market’s direction.

Dogecoin Continues Its Sideways Move as It Holds Above $0.07
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is above the daily Stochastic threshold of 40, and it is experiencing positive momentum. A lateral trend is indicated by the horizontal sloping of the 50-day line SMA and the 21-day line SMA.

General Outlook for Dogecoin
The moving average lines have trapped Dogecoin as it holds above $0.07. Additionally, it is settling above the $0.07 support. The altcoin will fall on the daily chart if it is rejected at the 21-day line SMA. If buyers maintain the price above the 21-day line moving average, the cryptocurrency’s upward trend will resume.

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Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.