Dogecoin (Doge) Retraces to $0.047 Low, May Resume up Trending


Key Resistance Levels: $0.09, $0.10, $0.11
Key Support Levels: $0.03, $0.02,$0.01

DOGE/USD Long-term Trend: Bearish
On February 7, Dogecoin rallied to a $0.09 high. The bulls could not continue with the upward move as they were repelled. The crypto is retracing and has fallen to level $0.047. There are bullish candlesticks as the coin attempts to move up. Nonetheless, if the current support holds, the altcoin will resume an upward move.

DOGE/USD -Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 53 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. The crypto is capable of rising on the upside. The 50-day and 21-day SMAs are sloping upward indicating the previous trend.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the crypto is in a downward move. The coin fell after retesting level $0.09. On February 15, downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.272 and reverse. The coin will be reversing at the low of $0.036.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE has fallen below the 20% range of the daily stochastic. It indicates that the coin is trading in the oversold region of the market. Buyers are emerging to push the coin upward to the previous highs. The SMAs are sloping upward.

General Outlook for Dogecoin
The cryptocurrency has reached bearish exhaustion as the coin fell in the oversold region of the market. The Fibonacci tool has indicated a possible reversal at level $0.036. We expect the coin to move up.

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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.