Dogecoin Fails to Sustain Recent Rallies above $0.22, Resumes Upward

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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
On January 19, Dogecoin’s (DOGE) price breaks below the moving averages but resumes upward. Before now, DOGE price has corrected upward as price breaks above the moving averages. On January 14, the altcoin rallied to the $0.21 high. Buyers failed to sustain the bullish move above the moving averages. The selling pressure was overwhelming as the altcoin resumes a downward move. Today, a bullish candlestick is appearing below the moving averages. The crypto is attempting to resume upward. Dogecoin will fall and revisit the previous low at $0.13 if the altcoin faces rejection at the 21-day line SMA.

Dogecoin Fails to Sustain Recent Rallies above $0.22, Resumes Upward
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Because of the uptrend, DOGE price has risen to level 46 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. DOGE’s price is below the 50-day line SMA and the 21-day line SMA which makes it prone to fall. The moving averages are sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is in a downward move. The market breaks below the moving averages Meanwhile, on January 15 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE price will fall to level 2.0 Fibonacci extension or level $0.16.

Dogecoin Fails to Sustain Recent Rallies above $0.22, Resumes Upward
DOGE/USD – 4 Hour Chart

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

General Outlook for Dogecoin
Dogecoin is in a downward correction and below the moving averages but resumes upward. The crypto’s price is below the moving averages which makes it capable to fall. The altcoin is in a bullish momentum.


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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.