Dogecoin (Doge) Fluctuates in a Tight Range, Faces Resistance at $0.24


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

DOGE/USD Long-term Trend: Bearish
Dogecoin’s (DOGE) price is above the 21-day SMA but below the 50-day SMA. The altcoin has been fluctuating between the moving averages. The downtrend will resume if price breaks below the 21-day SMA. Similarly, the uptrend will resume, if price breaches the 50-day SMA. Since October 6, the moving averages are yet to be broken. Today, Dogecoin has found support above the 21-day SMA as the altcoin resumes upward.

DOGE/USD – 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 21-day and 50-day SMAs are sloping downward indicating the downtrend.

DOGE/USD Medium-term bias: Bullish
On the 2 hour chart, the DOGE price is in an uptrend. The bullish momentum has broken above the moving averages. However, the uptrend was stalled at level $0.24. Meanwhile, on October 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will rise but reverse at level 1.272 Fibonacci extension or level $0.2455.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE’s price is above the 21-day SMA and 50-day SMA which suggests a further rise of the coin. DOGE is below the 80% range of the daily stochastic. The market is in a bearish momentum. The moving averages are sloping upward indicating the uptrend

General Outlook for Dogecoin
Dogecoin is in a downward correction. The altcoin has been fluctuating between $0.22 and $0.26 for the past week. The crypto will trend when the range-bound levels are breached.

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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.