Dogecoin (DOGE) Faces Rejection at $0.060 Resistance, Plunges To $0.0512 Support

Dogecoin (DOGE) Faces Rejection at $0.060 Resistance, Plunges To $0.0512 Support

 Key Resistance Levels: $0.09, $0.10, $0.11
Key Support Levels: $0.03, $0.02,$0.01

DOGE/USD Long-term Trend: Bearish
DOGE price has fallen to $0.0512 at the time of writing. The downtrend was caused by rejection at the $0.060 price level. In the previous price action, the coin has been trading below $0.064 overhead resistance. The bulls could not break the overhead resistance after two unsuccessful attempts. Today, the downtrend is likely to continue.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto’s price has broken the support line of the ascending channel. Similarly, the altcoin has fallen below the SMAs. All indicate that DOGE is likely to fall on the downside. DOGE is at level 43 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50. The 50-day and 21-day SMAs are sloping horizontally indicating the sideways move.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the crypto is in a downward move. Recently, it retested the $0.056 high and resumed a downward move. Meanwhile, on March 23 downtrend, a retraced candle body tested the 32.8 % Fibonacci retracement level. The retracement indicates that DOGE will fall to level 2.618 Fibonacci extension . That is the low of $0.0435.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is below the 40% range of the daily stochastic. It indicates that the coin is in bearish momentum. The SMAs are sloping downward.

General Outlook for Dogecoin
DOGE is in a downtrend. The selling pressure is likely to continue as the crypto faces rejection at $0.056. The coin has fallen into the bearish trend and capable of a further downward move.

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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.