Dogecoin Declines as It May Revisit the Previous Low at $0.055

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 is in a sideways move as it may revisit the previous low at $0.055. Since August 26, Dogecoin has been in a range-bound move between $0.056 and $0.066 price levels. The upward correction was repelled at the resistance of $0.066. Today, the upward moves are restricted below the moving average lines. On the downside, buyers are consistently defending the current support at $0,056. For instance, on October 13, DOGE declined sharply to $0.055 as bulls bought the dips.

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Daily Chart Indicators Reading:
Dogecoin has fallen recently to level 46 of the Relative Strength Index for period 14. It has reached the downtrend zone and is capable of further decline.. The moving average lines are horizontally flat indicating the sideways trend.

DOGE/USD Medium-term bias: Bearish
Dogecoin is trading in the bearish trend zone as it may revisit the previous low at $0.055. DOGE will decline as long as the price bars are below the moving average lines. On October 11 downtrend, DOGE corrected upward and a candle body tested the 78.6% Fibonacci retracement level. The correction implies that DOGE will fall to level 1.272 Fibonacci extension level or $0.055.

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4-hour Chart Indicators Reading
The bearish momentum is unstable as it is below the 40% range of the daily Stochastic. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways move.
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General Outlook for Dogecoin
Dogecoin is in a tight range as an upward move is doubtful. The price movements have been hindered at the moving average lines.



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