Dogecoin Declines and Holds above the $0.089 Historical Price Level

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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 (DOGE) price is falling as it crosses below the moving average lines and holds above the $0.089 historical price level. On the upside, buyers made three attempts to break through the barrier at $0.11 but were repulsed on each occasion. DOGE is anticipated to continue falling to its prior lows as price breaks below the moving average lines. At the time of writing, the decrease has fallen to a low of $0.089. Before that, DOGE’s price fell to a low of $0.07 before starting a new rise. After Dogecoin recovered above the $0.07 support, the previous upturn started. Currently, the selling pressure is at its lowest point of $0.089 and is above the historically significant price level of November 9.

Dogecoin Declines and Holds above the $0.089 Historical Price Level
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
For period 14, the Relative Strength Index is at level 44. The altcoin has dipped into the bearish trend zone and could continue to tumble. The price bars are below the moving average lines, indicating that the price of DOGE will continue to fall.

DOGE/USD Medium-term bias: Bearish
On the 4-hour chart, Dogecoin is swaying just below the $0.11 high. The altcoin is oscillating below the resistance in an attempt to surpass it. Three attempts by purchasers to break through the resistance level were unsuccessful. The cryptocurrency has strayed below the moving average’s lines.

Dogecoin Declines and Holds above the $0.089 Historical Price Level
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The daily Stochastic for DOGE is below level 40. The coin is in the bearish trend zone and may decline. The 50-day and 21-day SMA lines are sloping southward indicating the downtrend. The downtrend is shown by the 21-day line crossing below the 50-day line SMA.

General Outlook for Dogecoin
Sellers breach the moving average lines as DOGE holds above the $0.089 historical price level. The coin has been trading above the $0.090 support since December 12. If the existing support persists, the coin will go again upward. If the present support is broken, Dogecoin will return to its previous low of $0.07.

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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.