Dogecoin (DOGE) Approaches $0.22 Low as Bears Overwhelm Bulls

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
Dogecoin (DOGE) is now in a downward move. DOGE price has broken below the moving averages as price reached the low of $0.22 and pulled back. The current downtrend was caused by the failure of bulls to keep prices above the $0.30 and $0.34 price levels. Presently the selling pressure has subsided as Dogecoin approaches the previous low .

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price has fallen to level 40 of the Relative Strength Index for period 14. DOGE/USD is in the downtrend zone and below the centerline 50. The cryptocurrency is capable of falling on the downside. The crypto’s price is below the 50-day line SMA and the 21-day line SMA indicating the downtrend


DOGE/USD Medium-term bias: Bearish
DOGE price is in a downward move. It is falling to revisit the previous low at $0.22. Meanwhile, on October 31 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE price will fall to level 1.272 Fibonacci extension or level $0.229.

DOGE/USD – Daily Chart

4-hour Chart Indicators Reading
DOGE price has fallen below the 20% range of the daily stochastic. It indicates that the market has reached bearish exhaustion. The moving averages are sloping southward indicating the downtrend. Buyers are likely to emerge to push prices upward.

General Outlook for Dogecoin
DOGE/USD has fallen to the oversold region. The selling pressure is likely to subside. According to the Fibonacci tool, DOGE price will fall to level 1.272 Fibonacci extension or level $0.229.


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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.