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’s (DOGE) price has broken above the moving averages as the altcoin rallied to the $0.28 resistance zone. On October 6 uptrend, the bulls were resisted at the $0.27 high. Dogecoin declined to $0.22 low and resumed a fresh uptrend. Today, the bulls are retesting the resistance level to break above it. Meanwhile, on October 6 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.618 Fibonacci extension or level $0.38.
Daily Chart Indicators Reading:
DOGE is at level 58 of the Relative Strength Index period 14. It indicates that the altcoin is in the bullish trend zone and capable of a further upward move. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
DOGE/USD Medium-term bias: Bullish
On the 4 hour chart, the DOGE price is in an uptrend. The price has broken above the moving averages but faces rejection at the $0.27 resistance zone. Meanwhile, on October 18 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.618 Fibonacci extension or level $0.34.
4-hour Chart Indicators Reading
DOGE’s price is above the moving averages but the uptrend has been stalled. DOGE is below the 80% range of the daily stochastic. The market is in a bearish momentum but the price bars are above the 21-day SMA. The moving averages are sloping upward indicating the uptrend
General Outlook for Dogecoin
Dogecoin is in an uptrend. The current uptrend is stalled below the $0.27 resistance level. The cryptocurrency will rally to $0.34 if the current resistance is breached. The bullish momentum will extend to the high of $0.38.
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