Dogecoin (DOGE) Fluctuates in a Range, Price Direction Uncertain


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 price is range bound between $0.040 and $0.060. Since February 26, the market is characterized by small body candlesticks called Doji and Spinning tops. The candlesticks are describing that buyers and sellers have reached a period of indecision.

DOGE – Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. 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. On March 3 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 2.0 and reverse. From the price action, the market is reversing above the $0.050 support level.

DOGE – 1 Hour Chart

1-hour Chart Indicators Reading
DOGE has risen above the 25% range of the daily stochastic. It indicates that the coin is trading in the oversold region of the market. Buyers are emerging to push the coin upward to the previous highs. The SMAs are sloping upward.

General Outlook for Dogecoin
DOGE is presently consolidating above the $0.050 support. The coin is yet to trend as it is confined in a range. The cryptocurrency will trend when the price breaks above the $0.060 resistance.

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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.