Dogecoin Declines to a Downtrend Zone As It Revisits the $0.055 Low

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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 in a downtrend as it revisits the $0.055 low. The downtrend was created on October 4 when DOGE rallied to the high of $0.66 but was resisted. On the upside, upward moves have been restrained by the resistance at $0.66.For the past week, Dogecoin has been in a downward move from the recent high. The coin is trading above the $0.057 support. The altcoin will resume a sideways move if the current support holds. On the other hand, if the bears break below the current support, the market will decline to the $0.049 low.

Dogecoin Declines to a Downtrend Zone As Revisits The $0.055 Low
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is still trading at level 45 of the Relative Strength Index for period 14. The selling pressure has subsided as the market revisits the previous low. The altcoin is capable of a decline as the price bars are below the moving average lines.

DOGE/USD Medium-term bias: Bearish
On the 4 –hour chart, DOGE is in a downtrend as it breaks below the moving average lines. On September 26 price slump, DOGE corrected upward and a candle body tested the 61.8%% Fibonacci retracement level. That is, the altcoin will decline to level 1.618 Fibonacci extension or $0.055.

Dogecoin Declines to a Downtrend Zone As Revisits The $0.055 Low
DOGE/USD – 4 Hour Chart

4- Hour Chart Indicators Reading
DOGE is in a bullish momentum above the 40% range of the daily stochastic. The moving average lines are sloping horizontally indicating the downtrend.

General Outlook for Dogecoin
Dogecoin has reached the bottom price level as it revisits the $0.055 low. The cryptocurrency will slide to the previous low at $0.05 if it faces rejection at the 21-day line SMA.


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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.