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

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.



You can purchase crypto coins here: Buy Coins

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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 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!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.