Dogecoin (DOGE) Consolidates Above $0.18, An Upward Move Likely

22 July 2021 | Updated: 22 July 2021

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 resumed its upward move. DOGE price retested the previous low at $0.1650 as bulls bought the dips. The current bullish momentum is facing resistance at $0.21 high. The upward move will resume if price breaks above the $0.21 high. Meanwhile, on June 25 uptrend a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.618 Fibonacci extension or level $0.36 .

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price is at level 39 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 southward indicating the downtrend. Today’s price candle is facing resistance at the 21-day SMA.

DOGE/USD Medium-term bias: Bearish
On 4 hour chart, the DOGE price has resumed an upward move as price breaks above the moving averages. The crypto’s price is currently retracing on the downside. Meanwhile, on July 21 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.618 Fibonacci extensions or level $0.24.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE/USD has declined below the 50% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
DOGE/USD is now in an upward move. The crypto’s price is retracing after rejection at the $0.21 high. The current retracement will reach the low at $0.17. However, if the resistance $0.21 is breached, the market will reach a high of $0.24.

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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.