Dogecoin Declines Sharply, May Risks Further Fall to $0.13

Updated:

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

DOGE/USD Long-term Trend: Bullish
Dogecoin’s (DOGE) price broke above the moving averages as it may risks further fall to $0.13. The bulls broke the resistance at $0.13 and $0.17 but were repelled at the $0.18 resistance zone. However, buyers could not sustain the bullish momentum as DOGE prices declined above the moving averages. Also, the cryptocurrency fell above the $0.14 support. Presently, the crypto’s price is hovering above the moving averages. The current uptrend will resume if price holds above the moving averages. Then buyers will push the altcoin to the previous highs. However, the downtrend will resume if price breaks below the moving averages.

Dogecoin Declines Sharply, May Risks Further Fall to $0.13
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin has fallen to level 53 of the Relative Strength Index for period 14. Dogecoin was earlier in the overbought at level 76 of RSI. Sellers resumed in the overbought region to push prices down. The crypto’s price is still above the moving averages. DOGE/USD will rise if prices hold above the moving averages.

DOGE/USD Medium-term bias: Bearish
On the 3 – hour chart, the DOGE price is in a downtrend. The crypto’s price has broken below the moving averages. There is a likelihood of further downward movement of the cryptocurrency. . Meanwhile, on April 7 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall but reverse at level 1.272 Fibonacci extension or $0.13.

Dogecoin Declines Sharply, May Risks Further Fall to $0.13
DOGE/USD – 3 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 20% range of the daily stochastic. It has fallen to the oversold region of the market. The selling pressure is likely to subside as buyers emerge in the oversold region of the market. The 21-day line and 50-day line moving averages are pointing northward indicating the uptrend.

General Outlook for Dogecoin
DOGE/USD is retracing after the rejection at the $0.18 high as it may risks further fall to $0.13. The uptrend will resume if prices hold above the moving averages. The altcoin is trading at $0.144 as of press time.


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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.