Dogecoin (DOGE) Struggles Below $0.055, Faces Another Rejection


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

DOGE/USD Long-term Trend: Ranging
DOGE price is in a sideways trend. The crypto has been fluctuating between $0.040 and $0.060. DOGE price is characterized by small body candlesticks namely Doji and Spinning tops. These candlesticks indicate that buyers and sellers are undecided about the direction of the market. The crypto is consolidating in a range. The market is in a choppy price action. Dogecoin has not trended since February.

Daily Chart Indicators Reading:
DOGE price is at level 49 of the Relative Strength period 14. It indicates that there is a balance between supply and demand. The 50-day and 21-day SMAs are sloping horizontally indicating the sideways move.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the crypto is in a downward move. The crypto’s price corrected upward but it is facing resistance at a level of $0.055. The downward move is likely to continue. Meanwhile, on March 23 downtrend, a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extension. That is the low of $0.048.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is above the 40% range of the daily stochastic. It indicates that the coin is in bullish momentum. The 21-day and 50-day SMAs are sloping downward.

General Outlook for Dogecoin
DOGE is in a downward move. The crypto’s price is facing rejection at $0.055. The coin upward move is doubtful above $0.055. The altcoin may decline after repeated rejection at the recent high. According to the Fibonacci tool, DOGE will decline to level 1.618 Fibonacci extension or at the low of $0.048.

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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.