Dogecoin (DOGE) Recovers Above $0.25 Support, Faces Resistance At $0.35 High


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

DOGE/USD Long-term Trend: Ranging
DOGE price has managed to reach the high of $0.34 but it is fluctuating below the $0.35 high. The crypto has the prospect of rising on the upside as it is above the moving averages. In the previous price action, the altcoin was repelled twice on April 16 and 19 at the resistance zone of $0.45. This compelled DOGE to fall on the downside. On the upside, if the bulls can clear the $0.35 resistance level, the market will rise to retest the $0.40 and $0.45 resistance levels.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto’s price is attempting to break the resistance line of the descending channel. If price breaks and closes above the resistance line, it will signal the resumption of the uptrend. The crypto’s price is above the moving averages which suggests a possible rise in price. DOGE is at level 64 of the Relative Strength Index period 14. It indicates that the coin is approaching the overbought region.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is rising but it is facing rejection at the $0.35 resistance zone. Meanwhile, on April 16 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 $0.66. From the price action, the altcoin is struggling below the $0.35 resistance.

DOGE/USD -4 Hour Chart

4-hour Chart Indicators Reading
DOGE is above the 40% range of the daily stochastic. The coin is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the previous trend.

General Outlook for Dogecoin
DOGE price is rising on the upside after recent retracement on the downside. The altcoin is falling after testing the $0.35 resistance level. DOGE will continue the upside momentum if the bulls defend the $0.30 support level. Otherwise, the downtrend will resume.

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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.