Dogecoin Faces Rejection at $0.15 Resistance, May Retest the $0.128 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: Bearish
Dogecoin’s (DOGE) price  fluctuates between $0.128 and $0.15 price levels but may retest the $0.128 low. Since January 22 price slump, the downtrend has ended as the cryptocurrency fell to the low of $0.12. Dogecoin will resume an uptrend if the bulls break above the $0.15 resistance. The crypto will rally to $0.19 high and if the bullish momentum is sustained, DOGE/USD will be out of a downward correction. Conversely, if the bears break below the $0.128 support, the DOGE price will decline to $0.10 low.

Dogecoin Faces Rejection at $0.15 Resistance May Retest the $0.128 Low
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The cryptocurrency has risen to level 36 of the Relative Strength Index for period 14. The altcoin is out of the oversold region but it is in the downtrend zone and below the centerline 50. The altcoin is capable of falling to the downside. The 50-day line SMA and the 21-day line SMA are sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
DOGE price is in a downward move but has reached bearish exhaustion. Presently, Dogecoin is consolidating above the $0.128 support`.Meanwhile, on January 13 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE price will fall to level 1.272 Fibonacci extension or level $0.114. From the price action, the altcoin has reached the low $0.12 and resumed upward.

Dogecoin Faces Rejection at $0.15 Resistance May Retest the $0.128 Low
DOGE/USD – Daily Chart

4-hour Chart Indicators Reading
DOGE price is above 40% area of the daily stochastic. The altcoin is in a bullish momentum but it is unstable. The 50-day line SMA and the 21-day line SMA are sloping downward indicating the downtrend.

General Outlook for Dogecoin
Dogecoin is still in a downward correction but may retest the $0.128 low. The price action is characterized by indecisive candlesticks which will prolong the range-bound movement for a few more days.

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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.