Dogecoin Faces Selling Pressure as It Approaches the $0.09 High

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RESULTS

Key Resistance Levels: $0.10, $0.12, $0.14
Key Support Levels: $0.08, $0.06,$0.04

DOGE/USD Long-term Trend: Bullish
Dogecoin’s (DOGE) price is currently trading in the bullish trend zone as it approaches the $0.09 high. Today’s buyers are putting the $0.09 resistance level to another test. Currently, the cost of DOGE oscillates between $0.08 and $0.09. The bottom line is that if the resistance at $0.09 is overcome, DOGE will increase to $0.11. However, the presence of Doji candlesticks hinders the upward movement. Selling pressure will pick up again if DOGE declines and breaks below the $0.08 support level on the downside. Dogecoin will fall and return to its previous low of $0.07 .

Daily Chart Indicators Reading:
At level 60 of the Relative Strength Index for period 14, DOGE is in the uptrend zone. Additionally, as long as the price bars are above the moving average lines, DOGE will increase. The altcoin has a bullish crossover. In other words, a buy signal is generated when the 21-day line SMA crosses above the 50-day line SMA. DOGE’s momentum is bearish and is below 80.

DOGE/USD Medium-term bias: Bullish
On the 4-hour chart, DOGE is in a bullish trend zone above the moving average lines. The upward movement is limited below the $0.09 resistance level. A higher price level is indicated by the long candlesticks’ wick, which shows selling pressure.

4-hour Chart Indicators Reading
Below level 80 of the daily Stochastic level, DOGE is moving downward. The sideways slant of the moving average lines suggests a sideways trend. The altcoin will trend when the range-bound levels are broken.

General Outlook for Dogecoin
Dogecoin is trading in a constrained range as it approaches the $0.09 high. The resistance is being tested again by DOGE today at $0.09. When the range-bound levels are broken, the altcoin will trend.


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