Key Resistance Levels: $0.10, $0.12, $0.14
Key Support Levels: $0.08, $0.06,$0.04
DOGE/USD Long-term Trend: Bearish
Dogecoin (DOGE) price is decreasing as it begins to fluctuate in a range. The altcoin is in a bearish trend zone and could continue to fall. It is currently moving closer to the $0.078 support level. Nevertheless, the present support has been held since January 18. But, if the current support is broken, the selling pressure will increase to a low of $0.070. On the other side, the altcoin will be forced to make a range-bound move if the existing support holds. The price of DOGE will swing back and forth between $0.078 and $0.090. The present downturn, nevertheless, has reached bearish exhaustion. DOGE is unlikely to continue to fall.
Daily Chart Indicators Reading:
The Relative Strength Index for the cryptocurrency asset has dropped to level 42 for period 14. The altcoin is in a bearish trend zone and could continue to fall. The moving average lines are below the price bars of the cryptocurrency, indicating a further drop. Due to the sideways trend, the moving average lines are horizontally flat.
DOGE/USD Medium-term bias: Bearish
Dogecoin is declining as it reaches the low of $0.079 on the 4-hour chart. The current decrease halted when the price entered the oversold region. As the selling pressure eases, the cryptocurrency’s price is oscillating above the $0.078 support.
4-hour Chart Indicators Reading
The daily Stochastic for DOGE has entered the oversold region at level 20. It’s doubtful that the cryptocurrency will continue to decline. There is a bearish crossover between the moving average lines. A sell signal is produced when the 21-day line SMA crosses below the 50-day line SMA.
General Outlook for Dogecoin
Dogecoin has decreased and retreated to its earlier low of $0.078 as it begins to fluctuate in a range. Bullish candlesticks show that Dogecoin is moving upward. The moving average lines will present resistance when the upward movement resumes. Over the moving average lines, positive momentum will be attained.
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