Dogecoin (DOGE) Breaks and Retests the $0.20 Support, Downtrend Likely

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) has continued its downward move. The selling pressure resumes after the upward correction was terminated at the $0.29 high. On June 21, the coin has earlier fallen to the low of $0.1650 as bulls bought the dips. The market is falling and revisiting the previous low. 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 level $0.11. From the price action, the market has fallen to the low of $0.18. Further downside is likely.

Daily Chart Indicators Reading:
DOGE price is at level 32 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. The crypto is approaching the oversold region at level 30. The 21-day and 50-day SMAs are sloping southward indicating the downtrend. The 21-day SMA acting as resistance to DOGE price.

DOGE/USD Medium-term bias: Bearish
DOGE price has resumed selling pressure after price correction. On the 4 hour chart, DOGE price has broken the previous low, retested it, and resume downward. Meanwhile, on July 9 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 2.0 Fibonacci extensions or level $0.15.

4-hour Chart Indicators Reading
DOGE/USD has declined below the 20% range of the daily stochastic. It indicates that the coin has fallen to the oversold region of the market. Buyers are likely to emerge to push prices upward. The moving averages are sloping horizontally indicating the sideways trend.

General Outlook for Dogecoin
On the 4-hour chart, DOGE/USD is likely to reach the low of $0.15. Meanwhile, the market has reached the oversold region of the market. The selling pressure is likely to subside.


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