Dogecoin (DOGE) Declines Again after Facing Rejection at the $0.28 High

8 July 2021 | Updated: 8 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) is in a downward move since May 8. The crypto has fallen from the high of $0.73 to level $0.21. Further downsides are likely. Presently, the DOGE is falling after facing rejection at the $0.28 high. The upward correction could not break the previous high. A breakout at the previous high would have invalidated the current trend. 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.

Daily Chart Indicators Reading:
Dogecoin price is at level 36 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 horizontally indicating the downtrend.

DOGE/USD – Daily Chart

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price was in upward correction to the high of $28. Buyers could not sustain the bullish momentum above the $28 high. Consequently, the downtrend resumed. Meanwhile, on June 25 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 $0.17.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE price is 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
DOGE/USD is likely to further depreciate after facing rejection from the recent high. The current fall may revisit the previous low at $0.17. DOGE has fallen to the low of $0.21 from the high of $0.28.

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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.