Dogecoin Faces Further Rejections as It Declines to $0.10 Low

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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’s (DOGE) price faces selling pressure as it declines to $0.10 low. On November 1, the altcoin spiked to a high of $0.15 before falling. Buyers are fiercely defending the present support level of roughly $0.11 on the downside. DOGE started the rally by falling precipitously to a low of $0.055. Market dips are being purchased by bulls. The cryptocurrency is currently regaining strength above the $0.11 support. The latest upsurge is having trouble passing through the $0.15 high. The price of DOGE will climb to a high of $0.20 if the barrier is broken.

Dogecoin Faces Further Rejections as It Declines to $0.10 Low
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is still trading in the overbought region as the RSI drops from level 93 to level 74. If the pattern continues, the price of DOGE will rise. The market has been gaining as long as the price bars are higher than the moving average lines. The daily Stochastic is over 80%, suggesting an overbought condition for the altcoin.

DOGE/USD Medium-term bias: Bearish
In a downtrend on the 4-hour chart, Dogecoin has broken below the moving average lines. A retraced candle body on the downtrend of November 2 tested the 61.8% Fibonacci retracement level. According to the retracement, DOGE will drop to level 1.618 of the Fibonacci extension, or $0.105. Given the price movement, DOGE has dipped below the moving average lines and may continue to plummet.

 Dogecoin Faces Further Rejections as It Declines to $0.10 Low
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The daily Stochastic’s 40% range is above DOGE, which has bullish momentum. The 21-day line SMA is climbing upward while the 50-day line SMA is increasing upward, indicating an uptrend..

General Outlook for Dogecoin
On the 4-hour chart, Dogecoin is now below the moving average lines as it declines to $0.10 low. As soon as the price of the cryptocurrency breaks below the moving average lines, it will be forced to fall even deeper. The present drop will continue until it reaches a low of $0.10.


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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.