Dogecoin Faces Rejection at $0.14 as It Risks another Decline to $0.12

Updated:

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 is in a downward correction as it risks another decline to $0.12 .The cryptocurrency is trading above the 50-day line SMA but below the 21-day line SMA. This implies that the altcoin is in a range-bound movement between the moving averages. Dogecoin is making an upward correction to the upside. A break above the 21-day line SMA will propel the DOGE to rally to the $0.17 high. Subsequently, the altcoin will reach a high of $0.22. Conversely, if the bears break below the 50-day line SMA, the altcoin will decline to $0.11 low. Today, the bulls are attempting to break above the 21-day line SMA.

Dogecoin Faces Rejection at $0.14 as It Risks another Decline to $0.12
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto’s price is between the moving averages indicating a possible range bound movement of the cryptocurrency. The altcoin is facing rejection as bulls attempt to break the 21-day line SMA. The altcoin has fallen to level 52 of the Relative Strength Index for period 14. Dogecoin is in the uptrend zone and capable of rising to the upside.

DOGE/USD Medium-term bias: Bearish
On the 4– hour chart, the DOGE price is in a downtrend as it reaches the low of $0.13. The altcoin is making an upward correction but faces rejection at $0.14. Meanwhile, on April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall but reverse at level 1.272 Fibonacci extension or $0.12.

 Dogecoin Faces Rejection at $0.14 as It Risks another Decline to $0.12
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 40% range of the daily stochastic. The market is in a bullish momentum. The 21-day line and 50-day line moving averages are sloping horizontally indicating a sideways move.

General Outlook for Dogecoin
DOGE/USD is still in a downward correction as it risks another decline to $0.12. The altcoin is in a sideways move as bulls attempt to resume upward. Dogecoin will further decline if the $0.13 support is breached

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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.