Dogecoin (DOGE) Resumes Downtrend, May Revisit Previous Low

Azeez Mustapha
9 September 2021 | Updated: 9 September 2021

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.

You can purchase crypto coins here: Buy Tokens

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!
Azeez Mustapha

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.