Dogecoin Faces Strong Rejection at $0.19, Resumes Downward Correction

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 and resumes downward correction. The bulls have made two unsuccessful attempts to break above the moving averages but were repelled. On December 14 price spike, the altcoin rallied to $0.22 but was repelled as the market reached the low of $0.16. On December 25, the price action repeated itself but the bulls failed to breach the $0.19 high, hence the selling pressure. Dogecoin now fluctuates between the current support at $0.16 and the overhead resistance at $0.19. On the upside, if the bulls clear the resistance at $0.19 and $0.22, it will signal the resumption of the uptrend. On the downside, a break below the current support will push the altcoin to the low of $0.13.

Daily Chart Indicators Reading:
DOGE price has fallen to level 38 of the Relative Strength Index for period 14. The market is approaching the oversold region of the market. The crypto’s price is below the 50-day line SMA and the 21-day line SMA which indicates a further downward move.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is in a downward move. Meanwhile, on December 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 $0.11.

4-hour Chart Indicators Reading
. DOGE price is below 20% area of the daily stochastic. The altcoin has fallen to the oversold region. Selling pressure is likely to subside as the market reaches the oversold region. The 50-day line SMA and the 21-day line SMA are sloping downward indicating the downtrend.

General Outlook for Dogecoin
The cryptocurrency is at the bottom of the chart but resumes downward correction.. Presently, the coin is fluctuating above the $0.16 support. The cryptocurrency will resume upward if the current support holds.


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