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

Azeez Mustapha


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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.

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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.

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