Dogecoin (DOGE) Recovers above $0.1650 Support, Resumes Uptrend

24 June 2021 | Updated: 24 June 2021

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’s price fell to the $0.1650 support twice before resuming upward. The uptrend has reached the high of $0.244 which caused it to retrace. Presently, the upward move is facing rejection as it reaches the overbought region of the market. However, the uptrend is likely to resume a minor retracement. On the upside, if the DOGE price breaks above $0.35 resistance, the market is likely to be in the bullish trend zone.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin price is at level 39 of the Relative Strength Index period 14. It indicates that the altcoin is in the bearish trend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping horizontally indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGEUSD downtrend appears to have been exhausted above the $0.1650 support level. The price has broken the moving averages. On June 23 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.618 Fibonacci extensions or level $0.2913.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is above the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum. Also, the market has reached the overbought region. The moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
DOGE/USD has resumed upward move. The crypto rebounded above level $0.1650 to reach the previous highs. According to the Fibonacci tool, the current uptrend will reach the high of level 1.618 Fibonacci extensions or level $0.2913.

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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.