Dogecoin (DOGE) Rebounds above Level $0.08, Set For More Upside Momentum

Dogecoin (DOGE) Rebounds above Level $0.08, Set For More Upside Momentum

Key Resistance Levels: $0.09, $0.10, $0.11
Key Support Levels: $0.03, $0.02,$0.01

DOGE/USD Long-term Trend: Bullish
DOGE price has resumed upward move after buyers broke the resistance line of the horizontal channel. The altcoin has rallied to $0.144 high. The RSI has indicated that the coin has reached the overbought region of the market. Therefore further upward move is doubtful.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price has risen to level 85 of the Relative Strength Index period 14. It indicates that the market has reached the overbought region. That is further upside momentum is unlikely. The 50-day and 21-day SMAs are sloping upward indicating the uptrend.

DOGE/USD Medium-term bias: Bullish
On the 4 hour chart, DOGE has resumed an upward move after price rebounded above level $0.072 support. The uptrend is facing resistance at level $0.144.Meanwhile, on April 14 uptrend, a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.618 Fibonacci extension. That is the high of $0.19.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is below the 80% range of the daily stochastic. However, the stochastic bands are sloping upward indicating an upward move. The coin has a bullish crossover, that is, the 21-day SMA crossing over the 50-day SMA. This indicates a bullish signal. The 21-day and 50-day SMAs are sloping upward.

General Outlook for Dogecoin
DOGE price has rebounded from its sideways move. There is a possibility of more upside momentum if price breaks the resistance at $0.14. Presently, buyers are attempting to break the resistance at $0.14. According to the Fibonacci tool analysis, the market will rise to a level $0.19.


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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.