Dogecoin Faces Rejection at $0.15 as the Altcoin Declines to $0.12 Low

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 above the moving averages as the altcoin declines to $0.12 low. On March 28, the cryptocurrency rallied to $0.15 high. The bulls could not sustain the bullish momentum after four days of retesting the resistance zone. The uptrend will resume if the altcoin retraces above the moving averages. On the other hand, the downtrend will resume if price breaks below the moving averages. The decline will extend to the low of $0.12 price level.

Dogecoin Faces Rejection at $0.15 as the Altcoin Declines to $0.12 Low
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin has fallen to level 57 of the Relative Strength Index for period 14. Dogecoin is still in the uptrend zone and capable of a further upward move. The crypto’s price is still above the moving averages. However, the downtrend will resume if price breaks below the moving averages. The 21-day line and 50-day line moving averages are sloping horizontally.

DOGE/USD Medium-term bias: Bullish
On the 4 – hour chart, the DOGE price is in a downtrend. DOGE price has already broken below the moving averages signaling a further downward movement of the cryptocurrency. Meanwhile, on March 19 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 2.0 Fibonacci extension or $0.12. From the price action, the altcoin is falling and has reached the low of $0.13 at the time of writing.

Dogecoin Faces Rejection at $0.15 as the Altcoin Declines to $0.12 Low
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 40% range of the daily stochastic. It indicates that the market has resumed bearish momentum. The 21-day line and 50-day line moving averages are pointing northward indicating the
previous trend.

General Outlook for Dogecoin
DOGE/USD has resumed its downtrend as the altcoin declines to $0.12 low. Buyers could not break the next resistance level at $0.15. Dogecoin is likely to resume downward correction.


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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.