Dogecoin (DOGE) In a Downward Correction, Revisits Previous Low at $0.23

16 September 2021 | Updated: 16 September 2021

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 has fallen below the moving averages. There is a tendency for crypto to decline on the downside. Following the breakdown on September 7, DOGE plunged to $0.21 as bulls bought the dips. DOGE price corrected up to $0.26 high but faces rejection. From the $0.26 high, the altcoin has been in a downward correction. The market may fall and reach the previous low of $0.22.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price is still below the moving averages which indicates that the crypto could easily fall on the downsides. Dogecoin is at level 41 of the Relative Strength Index period 14. The crypto is in the downtrend zone and capable of falling on the downside.

DOGE/USD Medium-term bias: Ranging
On 4 hour chart, the DOGE price is in a downward correction. The crypto is fluctuating between levels $0.23 and $0.26. The crypto’s price has risen to $0.24 in the middle of price range. The coin has reached the overbought region. It is likely to revisit the previous low at $0.23.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE price is above the 80% range of the daily stochastic. It indicates that DOGE is in an overbought region of the market. It indicates that the altcoin is likely to fall as sellers emerge in the overbought region. The 21-day and the 50-day SMA are sloping downward.

General Outlook for Dogecoin
DOGE/USD is in a downward correction. The altcoin will trend upward if the bulls break above the $0.26 resistance. Similarly, the downtrend will resume if price breaks below the $0.23 support level. Presently, the coin is making a downward move.

You can purchase crypto coins here: Buy Tokens

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.