Dogecoin (DOGE) Continues Downtrend, Targets $0.29 Low

Dogecoin (DOGE) Continues Downtrend, Targets $0.29 Low

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

DOGE/USD Long-term Trend: Bearish
DOGE’s price continues its downward move after rejection at $0.33. DOGE price at the same time broke below the moving averages. This will catapult the coin to the bearish trend zone. Since the breakdown on June 4, the crypto’s price has been making a series of lower highs and lower lows. The market is falling to a lower low at $0.30 or $0.29.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price is at level 43 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 downward indicating the downtrend

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is in a downtrend. DOGE price is making a series of lower highs and lower lows. On June 4 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extensions or level $0.3005. The crypto is falling to the 1.618 Fibonacci extension.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is below the 20% range of the daily stochastic. It indicates that the coin is in a bearish momentum. It has fallen to the oversold region of the market. Later, we may see the emergence of buyers in the oversold region. The moving averages are sloping downward indicating the downtrend.

General Outlook for Dogecoin
DOGE/USD is in a downward move as price falls in the oversold region. The current downtrend is expected to reach the low of 1.618 Fibonacci extension or level $0.3005.

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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.