Dogecoin (DOGE) Consolidates near $0.70 High, Further Upsides Are Likely

Dogecoin (DOGE) Consolidates near $0.70 High, Further Upsides Are Likely

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bullish
Today, the DOGE price is retracing after rallying to the high of $0.70. In the previous price action, the DOGE price was stalled below the $0.40 price level. After a downward correction, the altcoin further decline to $0.15 as bulls bought the dips. The coin has regained bullish momentum. Meanwhile, on April 16 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. This Fibonacci retracement indicates that DOGE will rise to level 2.0 Fibonacci extension or the high of $0.84.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price has risen to level 73 of the Relative Strength Index period 14. It indicates that the coin has reached the overbought region. The crypto’s price is above the moving averages which indicates that the coin will rise.

DOGE/USD Medium-term bias: Bullish
On the 4 hour chart, the DOGE price is in an uptrend. The coin is fluctuating below the $0.70 resistance. Meanwhile, on May 5 uptrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.272 Fibonacci extension and reverse. That is the coin will reach the high of $0.78 and reverse to $0.61 low.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is above the 80% range of the daily stochastic. The coin is in a bullish momentum and the overbought region of the market. The coin has been in the overbought region since May 1. sellers may emerge. The 21-day and 50-day SMAs are sloping upward indicating the trend.

General Outlook for Dogecoin
DOGE price is now in an upward move. Further upsides are likely if the current resistance is breached. The crypto’s price is consolidating near the resistance zone for a possible upward move. The coin is retracing from the recent high.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.