Dogecoin (DOGE) Plunges to $0.285 Low, Uptrend Likely

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

DOGE/USD Long-term Trend: Bullish
DOGE/USD rallied to $0.35 high on August 15 but faced resistance at the recent high. The altcoin retraced to $0.285 low and resumed an upward move. Meanwhile, on August 15 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.272 Fibonacci extension or level $0.36.

Daily Chart Indicators Reading:
DOGE /USD is at level 63 of the Relative Strength Index period 14. It indicates that the DOGE is in the bullish trend zone and it is capable of rising on the upside. The moving averages are sloping upward indicating the uptrend. Today’s price bars are still above the 21-day SMA and the 50-day SMA which suggest a further upward movement of the crypto.


DOGE/USD Medium-term bias: Bullish
On 4 hour chart, the DOGE price faced rejection at the high of $0.35. The crypto plunged to $0.285 low as bulls bought the dips. Meanwhile, on August 18 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.618 Fibonacci extensions or level $0.39.

4-hour Chart Indicators Reading
DOGE/USD is above the 50% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The moving averages are sloping upward indicating the uptrend. DOGE price will rise as the crypto’s price is above the 21-day and the 50-day SMA.


General Outlook for Dogecoin
DOGE/USD has resumed upward move. In the downtrend, the crypto fell to $0.285 low and resumed an upward move. The upward move depended upon breaking the resistance at $0.36. According to the Fibonacci tool, the market will rise to level 2.618 Fibonacci extensions or level $0.39.

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