Dogecoin (DOGE) Consolidates Above $0.33 Support as Bulls and Bears Reach a Period of Indecision


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 19, Dogecoin fell to $0.215 low as bulls bought the dips. DOGE price corrected upward and resumed consolidation above $0.33. The coin has reached bearish exhaustion and may reverse but not immediately. Meanwhile, on May 10 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall and reverse at level 1.272 Fibonacci extension or level $0.326. From the price action, the market has been consolidating above the $0.33 support for the past week.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE/USD has fallen to level 45 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is falling. On May 9, the coin to level $0.444 and corrected upward to level $0.595. The upward correction was terminated. On May 9 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 the low of $0.23. On May 19, DOGE price tested the 1.618 Fibonacci extension as shown by a long candlestick tail. The candlestick tail is an indication of strong buying pressure above $0.21 support.

DOGE/USD -4 Hour Chart

4-hour Chart Indicators Reading
DOGE is below the 40% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The moving averages are sloping southward indicating a downtrend. DOGE’s price is above the 21-day SMA but below the SMAs. A break below the SMAs will suggest a further downward move.

General Outlook for Dogecoin
DOGE/USD is consolidating above $0.33 support for a possible upward move. Today, the market is fluctuating below and above the 21-day SMA. The coin is trading at $0.339 at the time of writing.

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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.