Dogecoin (DOGE) Falls, May Resume Range-Bound Move Between $0.040 and $0.060

Dogecoin (DOGE) Falls, May Resume Range-Bound Move Between $0.040 and $0.060

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

DOGE/USD Long-term Trend: Ranging
DOGE has continued its range-bound move between $0.040 and $0.060. On March 8, the bulls broke the range-bound movement but the uptrend could not be sustained. The selling pressure pushed the price to the range-bound zone. Presently, DOGE is falling to the lower price range. The range-bound move is likely to continue for a few more days.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 53 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above 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 falling. After the breakdown on March 9, the price corrected upward to retest the $0.058 high. On March 9 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.272 Fibonacci extension and reverse. That is the low of $0.0539.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE has risen above the 25% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The SMAs are sloping upward.

General Outlook for Dogecoin
DOGE is still fluctuating between $0.040 and $0.060. Recently, the bulls could not sustain the bullish momentum as price fell back into the range-bound zone. The market is falling but an upward move will resume if the price falls and finds support above $0.054.


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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.