Dogecoin (DOGE) Resumes Uptrend, Revisits the Previous High at $0.34


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

DOGE/USD Long-term Trend: Bullish
Today, DOGE/USD is trading at $0.29 as the altcoin attempts to resume an upward move. In the first uptrend, Dogecoin reached a high of $0.34 but was repelled. On the upside, if the crypto resumes an upward move and breaks the resistance at $0.34, the uptrend will resume. Meanwhile, on the August 16 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.0 Fibonacci extensions or level $0.51. The Fibonacci tool if price breaks the resistance at $0.34.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin is at level 55 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

DOGE/USD Medium-term bias: Bullish
On 4 hour chart, the DOGE price is in an upward move. The uptrend is facing resistance at level $030. The coin is likely to rise as price bars are above the moving averages. Meanwhile, on September 2 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 $0.33.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE/USD is below the 80% range of the daily stochastic. It indicates that DOGE is in a bearish 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 an upward move but the uptrend is hindered at the resistance at $0.34. Dogecoin will rise to level $0.51 if the resistance is breached. The market is likely to be range-bound if the resistance remains unbroken.

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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.