Dogecoin (DOGE) Resumes Downtrend, May Revisit Previous 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
Dogecoin (DOGE) price dropped sharply after failing to sustain above the $0.32 high. The crypto reached the low of $0.21. The crypto’s price corrected upward to $0.25 high. The uptrend is facing resistance at $0.26. There is the tendency of further downsides as price breaks below the moving averages. However, if the bulls break above the $0.26 resistance, the market will rise to the high of $0.28. And if the bullish momentum extends above the moving averages, the uptrend is likely to continue.

Daily Chart Indicators Reading:
DOGE price has broken below the 21-day SMA and the 50-day SMA. This implies that there is the likelihood of further downward movement of prices. Dogecoin is at level 42 of the Relative Strength Index period 14. The crypto is in the downtrend zone and capable of falling on the downside.

DOGE/USD – Daily Chart

DOGE/USD Medium-term bias: Bearish
On 4 hour chart, the DOGE price is in a downward correction. Since September 8, the crypto corrected upward and has been retesting the resistance at 0.26 to break it. Today, DOGE is retracing as it faces resistance at $0.26. Also, buyers are still likely to break the resistance as per price indicator. Meanwhile, on September 8 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 $0.28.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE price is above the 50% range of the daily stochastic. It indicates that DOGE is in a bullish momentum but it is contrary to the price action. The 21-day and the 50-day SMA are sloping downward.

General Outlook for Dogecoin
DOGE/USD is in a downward move as price breaks below the moving averages. Since September 7, the altcoin has been in downward correction as price fluctuates between levels $0.23 and $0.26. The market is currently falling approaching the previous low.

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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.