Dogecoin (DOGE) Plunges to $0.27 Low, Further Selling Pressure Likely


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

DOGE/USD Long-term Trend: Bearish
DOGE/USD is in a downward move after two previous rejections. The first rejection is when the altcoin rallied to $0.35 high and the market declined to $0.27 low. The bulls bought the dips to push altcoin upward. DOGE price corrected up to $0.33 and it faced another rejection. After the second rejection, the altcoin resumed a downward move as price approaches the low of $0.26.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The current bearish trend has broken below the 21-day SMA. A break below the SMAs will accelerate the downward movement of prices. DOGE /USD is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

DOGE/USD Medium-term bias: Bearish
On 4 hour chart, the DOGE price is in a downward move as price breaks below the moving averages. Meanwhile, on August 22 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 2.618 Fibonacci extensions or level $0.26.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE/USD is below the 20% range of the daily stochastic. It indicates that the coin has fallen to the oversold region of the market. It indicates that the selling pressure has subsided. Besides, buyers are likely to emerge in the oversold region. The 21-day and the 50-day SMA are sloping downward.

General Outlook for Dogecoin
DOGE/USD is in a downward move. The market has declined to the low of $0.2760. According to the Fibonacci tool, the market will fall to level 2.618 Fibonacci extensions or level $0.26. Buyers are likely to emerge as the crypto reaches the oversold region of the market.

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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.