Dogecoin (DOGE) Revisits the Previous Low at $0.21 as Bears Threaten to Short


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’s (DOGE) price has fallen to the low of $0.20 as bulls bought the dips. Yesterday, buyers pushed the coin to the high of $0.23 but could not continue the bullish momentum. Today, the DOGE price is falling as it faces rejection at the $0.23 high. The market is expected to fall and retest the $0.20 support. On the downside, if the bears break the current support, the DOGE price will fall to $0.18 low and reverse.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin has a bearish crossover. The 21-day SMA crosses below the 50-day SMA indicating a sell signal. Dogecoin is at level 39 of the Relative Strength Index period 14. The crypto is in the downtrend zone and capable of falling on the downside. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On the daily chart, the DOGE price is below the moving averages. The price is falling to break the previous low the second time. Meanwhile, on September 7 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall but reverse at level 1.272 Fibonacci extension or level $0.18.

DOGE/USD – Daily Chart

4-hour/Daily Chart Indicators Reading
DOGE price is below the 40% range of the daily stochastic. It indicates that DOGE is in a bearish momentum. The 21-day and the 50-day SMA are sloping downward.

General Outlook for Dogecoin
DOGE/USD is in a downward move. Initially, Dogecoin fell to the low of $0.21 as bulls bought the dips. The upward correction was short-lived as bears revisit the previous low. If the $0.21 support is broken again, the market will decline to $0.18 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.