Dogecoin (Doge) Is a Fluctuating Above $0.19, Further Selling Pressure Is Likely

Azeez Mustapha
5 August 2021 | Updated: 5 August 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
After the upward correction, Dogecoin’s (DOGE) price faces rejection at $0.20 high. The altcoin is falling and attempting to break below the previous low at $0.19. A break below the previous low will accelerate the resumption of the downtrend. If the support at $0.19 holds, the uptrend will resume. In the previous price action, the crypto’s price has been consolidating between $0.19 and $0.21 in a tight range.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE /USD is at level 42 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and capable of falling on the downside. The 21-day and 50-day SMAs are sloping southward indicating the downtrend. Today’s price bars have broken above the 21-day SMA.

DOGE/USD Medium-term bias: Bearish
On 4 hour chart, the DOGE price has fallen to $0.19 low. A further downward move is possible if price breaks below the previous low. Meanwhile, on August 4 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall but reverse at level 1.272 Fibonacci extensions or level $0.1867. From the price action, the DOGE price is attempting to break below the $0.19 support.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE/USD is above the 25% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
DOGE/USD price is nearing bearish exhaustion. According to the Fibonacci tool, the market will decline to level 1.272 Fibonacci extensions or level $0.1867

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Azeez Mustapha

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.