Dogecoin Declines as the Upward Correction Faces Rejection at $0.092

Updated:

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bearish
Since May 12 price slump, Dogecoin’s (DOGE) price has been trading above the $0.068 support as it faces rejection at $0.092. The cryptocurrency has been fluctuating between $0.068 and $0.089 price levels. For the past week, the coin has been confined in a range. The downtrend has subsided as the altcoin found support above $0.068. The market is yet to trend as the coin continues to fluctuate between the range-bound levels. On the downside, a break below the $0.068 support will sink the coin to a low of $0.04. In the meantime, the current support is holding.

Dogecoin Declines as the Upward Correction Faces Rejection at $0.092
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin is at level 34 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone as buyers emerge from the oversold region of the market. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. The altcoin has a bearish crossover. That is the 21-day line SMA crosses below the 50-day line SMA indicating a sell order.


DOGE/USD Medium-term bias: Ranging
On the 4– hour chart, the DOGE price is in a sideways move after the price slump on May 12. Meanwhile, on May 12 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 $0.045. From the price action, Dogecoin is in a sideways move as the selling pressure subsides.

Dogecoin Declines as the Upward Correction Faces Rejection at $0.092
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 40% range of the daily stochastic. The bullish momentum is unstable. The 21-day line and 50-day line moving averages are sloping horizontally indicating a sideways move.


General Outlook for Dogecoin
Dogecoin is in a sideways move as it faces rejection at $0.092 . The price movement has been stagnant because of the presence of small body candlesticks called Doji. The candlesticks indicate indecision between buyers and sellers.


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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.