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Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15
DOGE/USD Long-term Trend: Bullish
Dogecoin is in the bullish trend zone as price breaks above the downtrend line and the moving averages. The current upward move is facing resistance at the $0.28 high. On August 8, DOGE was repelled at the $0.28 high and the altcoin declined to $0.24 low. Today, the bulls are yet to break the resistance level. A break above the resistance will catapult the coin above $0.36 high. In the meantime, the crypto is falling but the retracement has stopped.
Daily Chart Indicators Reading:
DOGE /USD is at level 67 of the Relative Strength Index period 14. It indicates that the DOGE price is in the downtrend zone and will reach the overbought region at level 70. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. Today’s price bars are still above the 21-day SMA and the 50-day SMA which suggest a further upward movement of the crypto.
DOGE/USD Medium-term bias: Bullish
On 4 hour chart, the DOGE price has retested the $0.28 resistance twice. The crypto’s price is fluctuating below the recent high. Meanwhile, on August 8 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.0 Fibonacci extensions or level $0.37.
4-hour Chart Indicators Reading
Dogecoin is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The moving averages are sloping upward indicating the uptrend. DOGE price will rise as the crypto’s price is above the 21-day and the 50-day SMA.
General Outlook for Dogecoin
DOGE upward move is likely. The coin is trading in the bullish trend zone. If the bulls break the $0.28 high, the crypto will rise to $0.36 high. Presently, the price is consolidating below the resistance level to break above it. According to the Fibonacci tool, the market will decline to level 1.272 Fibonacci extensions or level $0.1867
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