Dogecoin Drops Back to $0.07 as Short Sellers Threaten

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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: Bearish
Dogecoin (DOGE) price has been declining as short sellers threaten. On December 19, the current support was broken, but the bulls bought the dips. DOGE’s price has been fluctuating between $0.07 and $0.08 over the last week. Today, the bears are attempting to breach the current support. On the downside, if the bears prevail, the altcoin will fall to a low of $0.059. If the current support holds, DOGE/USD will remain range-bound between $0.07 and $0.08 price levels.

Dogecoin Drops Back to $0.07 as Short Sellers Threaten
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
For period 14, DOGE is trading at level 34 of the Relative Strength Index. The altcoin is getting close to the oversold area of the market and could continue to fall. The current decline is caused by the price bars that are below the moving average lines.

DOGE/USD Medium-term bias: Bearish
DOGE is declining on the 4-hour chart as it approaches the current support level of $0.07. Buyers have been defending the current support since November 9. Today, if the current support is breached, the downtrend will resume.

Dogecoin Drops Back to $0.07 as Short Sellers Threaten
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE has dropped below the daily Stochastic’s level 20. Bearish exhaustion has been reached in the current decline. The moving average lines are below the price bars, which has increased the selling pressure. The downtrend is indicated by the 50-day and 21-day SMA lines’ which are pointing southward directions.

General Outlook for Dogecoin
DOGE/USD has returned to the current support at $0.07 as short sellers threaten. Sellers are attempting to breach the current support level in order to sink the cryptocurrency asset. If the current support level is breached, Dogecoin will fall even further to $0.059 USD.


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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.