Dogecoin (DOGE) Rallies Stall at $0.25 High, Uptrend doubtful


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

DOGE/USD Long-term Trend: Bearish
Dogecoin’s (DOGE) price has risen to $0.25 after breaking above the 21-day SMA but was stalled below the 50-day SMA. Buyers could not sustain DOGE prices above the 50-day SMA. In other words, the DOGE price could not break above the $0.28 resistance. The bullish run commenced on September 29 which broke above the previous low and the 21-day SMA. If the bulls break above the $0.28 resistance, Dogecoin will be in the bullish trend zone and will retest the $0.32 high.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto has risen to level 60 of the Relative Strength Index period 14. It indicates that the altcoin is in the uptrend zone and it is capable of a further upward move. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

DOGE/USD Medium-term bias: Bullish
On the 1 hour chart, the DOGE price has broken above the moving averages. The price is stuck at the $0.25 high. The Fibonacci tool has indicated a possible upward move of the coin. Meanwhile, on October 7 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.0 Fibonacci extension or level $0.26.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The crypto’s price is above the 21-day SMA and 50-day SMA which suggests a further rise of the coin. DOGE is above the 80% range of the daily stochastic. It indicates that the coin is in a bullish momentum. It is also approaching the overbought region. Further upward move is doubtful as sellers emerge.

General Outlook for Dogecoin
Dogecoin will continue upside momentum if price breaks above $0.28 high. However, the upward move is doubtful as price reaches the overbought region. According to the Fibonacci tool, the market will rise to $0.26 high

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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.