Dogecoin (DOGE) Fluctuates Between $0.40 and $0.44, Up-Trending

Dogecoin (DOGE) Fluctuates Between $0.40 and $0.44, Up-Trending

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

DOGE/USD Long-term Trend: Bullish
Since May 19, DOGE’s price fell to $0.215 low and pulled back above $0.30. For the past two weeks, Dogecoin has been consolidating above the $0.30 support. Yesterday, the DOGE price broke above the moving averages and continued the bullish momentum. The coin will continue to rise as long as the price bars are above the SMAs. On June 1, the crypto rebounded above the $0.32 support to reach the high of $0.44. Since June 2, the bulls have been attempting to break the resistance at $0.44. Dogecoin now consolidates between $0.40 and $0.44 for a further upward move.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price is at level 54 of the Relative Strength Index period 14. It indicates that the altcoin is in the bullish trend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping downward indicating the downtrend

DOGE/USD Medium-term bias: Bullish
On the 4 hour chart, the DOGE price is in an uptrend. The crypto’s price has broken above the moving averages and rallied to $0.44 high. On June 2 uptrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.272 Fibonacci extensions or level $0.482 and reverse. The coin will reverse to 78.6% Fibonacci retracement level where it originated.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is above the 80% range of the daily stochastic. It indicates that the coin has reached the overbought region of the market. There is the possibility of sellers emerging in the overbought region. The moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
DOGE/USD is in an uptrend. The crypto’s price is above the SMAs which suggests that the coin is in the bullish trend zone. The coin will continue to rise as long as price is above the moving averages. DOGE price will reach a high of $0.48 if the current resistance is breached.


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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.