Dogecoin Falls As It Poises For A Further Decline

Updated:

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 is in a downward correction as it poises for a further decline. On June 26, the bulls broke the 21-day line SMA but fail to break the 50-day line. DOGE price is falling as bears attempt to break below the 21-day line SMA. On the downside, the coin will fall and revisit the previous low of $0.05, if the bears break below the 21-day line SMA. In the meantime, DOGE/USD is trading at $0.06 at the time of writing .

Dogecoin Falls As It Poises For A Further Decline
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin is at level 45 of the Relative Strength Index for period 14. DOGE is in the downtrend zone and capable of further upward moves.DOGE price bars are below the moving averages indicating further price fall. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Bullish
On the 4– hour chart, the DOGE price is declining to the downside after a rejection at the high of $0.07. The upward move was terminated as the market reached an overbought region.

 Dogecoin Falls As It Poises For A Further Decline
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 40% range of the daily stochastic. The altcoin is in a bearish momentum. The 21-day line and 50-day line moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
Dogecoin is in a downward move as it poises for a further decline. The coin will further decline if the bears break below the 21-day line SMA. Meanwhile, the coin is fluctuating between the moving averages


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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.