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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’s (DOGE) upward move has been stalled below the $0.21 high since July 27. The crypto’s price now consolidates between $0.19 and $0.21 in a tight range. Dogecoin price action is characterized by small body candlesticks called Doji and Spinning tops. These candlesticks indicate that buyers and sellers are in a period of indecision. Presently, the crypto is in a tight range for a possible breakout.
Daily Chart Indicators Reading:
DOGE price is at level 46 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 bars have broken above the 21-day SMA.
DOGE/USD Medium-term bias: Bearish
On 4 hour chart, the DOGE price is presently in an upward move. The crypto is facing rejection at the recent high which results in the present consolidation. Meanwhile, on July 21 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.0 Fibonacci extensions or level $0.26. From the price action, the market is declining to the $0.20 low.
4-hour Chart Indicators Reading
DOGE/USD is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The moving averages are sloping upward indicating the uptrend.
General Outlook for Dogecoin
DOGE/USD price is fluctuating in a tight range. The crypto will resume upward if the $0.21 resistance is breached. According to a Fibonacci tool, the market will rally to the $0.21 high.
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