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.
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.
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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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
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