Dogecoin (DOGE) Is Trading Marginally as It Finds Support Above $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: Bullish
Today, Dogecoin’s (DOGE) price is resuming upward move after finding support above $0.24.If the bears have broken the $0.24 support, the altcoin would have further declined to $0.19. Dogecoin is trading at $0.26 at the time of writing. Buyers have an uphill task to keep DOGE price above the $0.30 and $0.34 price levels. In the previous price level, Dogecoin was repelled at $0.34. On the upside, if DOGE/USD breaches the resistance at $0.34, the market will rise to $0.42.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price has fallen to level 50 of the Relative Strength Index for period 14. This implies that there is a balance between Supply and demand. The crypto’s price is above the 50-day line SMA but below the 21-day line SMA. DOGE may be compelled to a range-bound move

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is in an upward move after the vertical rally. Meanwhile, on October 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE price will fall to level 1.272 Fibonacci extension or level $0.23.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Dogecoin is above the 25% range of the daily stochastic. The moving averages are sloping horizontally indicating the sideways move. Buyers are likely to emerge to push prices upward.

General Outlook for Dogecoin
The cryptocurrency is attempting to resume upward to revisit the previous high. The uptrend may face resistance at $0.30 and $0.34. Dogecoin is compelled to a range-bound 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.