Dogecoin (DOGE) Reaches Bearish Exhaustion, May Revisit $0.28 Low

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

DOGE/USD Long-term Trend: Bearish
Since May 10, DOGE’s price was in a downward move. The upward correction is facing rejection at the high of $0.45. DOGE price has broken below the moving averages which suggest a further downward movement of prices. The crypto’s price is falling and may revisit the previous lows of $0.28 or $0.25.

Daily Chart Indicators Reading:
DOGE price is at level 44 of the Relative Strength Index period 14. It indicates that the altcoin is in the bullish trend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping downward indicating the downtrend

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is in a downtrend. On June 4 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extensions or level $0.2954. In the previous price action, the crypto reverse after testing the low of $0.28.

4-hour Chart Indicators Reading
DOGE is below the 40% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The moving averages are sloping upward indicating the uptrend. The crypto’s price is below the moving averages which suggests that the coin may fall.

General Outlook for Dogecoin
DOGE/USD is in a downward move as the altcoin reaches bearish exhaustion. Dogecoin coin will reach previous low before upward resumption.

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