Dogecoin Declines as It May Retest the Prior Low at $0.07

Key Resistance Levels: $0.10, $0.12, $0.14
Key Support Levels: $0.08, $0.06,$0.04

DOGE/USD Long-term Trend: Bullish
The price of Dogecoin (DOGE) is falling as it may retest the prior low at $0.07. The altcoin fell to a low of $0.08 before starting to consolidate again above it. The crypto asset is now trading range-bound between $0.07 and $0.09 after falling. This suggests a potential range-bound move. It is expected that DOGE will resume moving in a range-bound manner. On January 31, buyers succeeded in crossing the $0.09 resistance, but they were unable to keep the upward momentum above it. On the downside, the market will retest the prior low at $0.07 if the existing support is violated.

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Daily Chart Indicators Reading:
The coin has reached the bearish trend zone. It is at level 42 of the Relative Strength Index for period 14. The altcoin has more room to drop. The price bars are below the moving average lines, indicating a further decline.

DOGE/USD Medium-term bias: Bearish
The price of DOGE is declining on the 4-hour chart. The altcoin has decreased and is consolidating again over the $0.08 level. Fibonacci analysis predicts that DOGE will decline to $0.082, or level 1.618 of the extension. If the existing support persists, the upward movement will resume.

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4-hour Chart Indicators Reading
DOGE is above level 25 on the daily Stochastic and is experiencing bullish momentum. The bulls’ momentum has been weak lately. The downward slope of the moving average lines indicates a decline.


General Outlook for Dogecoin
As Dogecoin approaches the range-bound region, the altcoin may retest the prior low at $0.07. The coin has fallen to the lower price range while it consolidates above it. The DOGE is probably going to start moving in a range between $0.07 and $0.09. Right now, the pricing is in the middle of the range.


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