Dogecoin (DOGE) Pulls Back from $0.21 Low, Resumes Uptrend

Dogecoin (DOGE) Pulls Back from $0.21 Low, Resumes Uptrend

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

DOGE/USD Long-term Trend: Bearish
Yesterday, Dogecoin fell to $0.21 low as bulls bought the dips. It appears DOGE price has reached bearish exhaustion. Since May 8, the altcoin has been in a downward move. In the initial breakdown, the coin dropped to $0.35 low. DOGE price corrected to $0.60 high before plunging to $0.21 low. Nonetheless, on May 9 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This Fibonacci retracement indicates that DOGE will fall and reverse at level 1.272 Fibonacci extension or level $0.31.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price has fallen to level 45 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is in a downtrend. DOGE dropped to $0.44 low and corrected upward. The altcoin corrected twice at the $0.60 resistance before falling to the $0.21 low. On May 9 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extension or the low of $0.22.From the price action, Dogecoin has tested the 1.618 Fibonacci extension and has pulled back.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The moving averages are sloping horizontally indicating the sideways move. The crypto’s price is below the SMAs which suggests that the coin is in the bearish trend zone.

General Outlook for Dogecoin
DOGE/USD downtrend has reached bearish exhaustion. From the price action, Dogecoin has resumed upward move. The long tail above the $0.22 support indicates that there is strong buying pressure above the current support.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.