Dogecoin (DOGE) Faces Rejection at $0.26, Consolidates above $0.25 Support


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

DOGE/USD Long-term Trend: Bearish
On June 22, DOGE’s price rebounded above $0.16 support but resumed consolidation above $0.22. For the past week, Dogecoin has been fluctuating above the current support. The price action has been characterized by small body indecisive candlesticks. The candlesticks indicate that buyers and sellers are undecided about the direction of the market. 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 $0.23.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin 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 horizontally indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On the 1 hour chart, the DOGE price has reached bearish exhaustion. Meanwhile, on June 30 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.272 Fibonacci extensions or level $0.2383 and reverse.

DOGE/USD – 1 Hour Chart

1-hour Chart Indicators Reading
DOGE is fluctuating below the 80% range of the daily stochastic. It indicates that the coin is in a sideways move. . The moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
DOGE/USD is still in a downward correction. Buyers have to break the resistance at level $0.26 for the resumption of an upward move. In the meantime, the DOGE price is still fluctuating between $0.23 and $0.26 price levels.

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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.