Dogecoin Fluctuates as Bears Attempt to Break Below the $0.12

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 bears break below the $0.12. Since March 26, the cryptocurrency has been in a range-bound move between $0.12 and $0.15 price levels. Presently, the upward move has been hindered by the 50-day line SMA. On the upside, if the bulls break above the 50-day line SMA, DOGE will rise to the high of $0.15. Dogecoin will resume an uptrend if the bulls break above the $0.15. Conversely, if the bears break below the $0.12, DOGE/USD will decline to the low of $0.10. Meanwhile, the altcoin will continue its range-bound movement if the range-bound levels remain unbroken.

Dogecoin Fluctuates as Bears Attempt to Break Below the $0.12
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE/USD is at level 44 of the Relative Strength Index for period 14. It indicates that the DOGE is in the bearish trend zone and below the centerline 50. The 21-day line SMA and the 50-day line SMA are sloping sideways move to indicate the range-bound move. DOGE’s price is below the moving averages indicating that the altcoin can decline.

DOGE/USD Medium-term bias: Ranging
On the 4– hour chart, the DOGE price is in a sideways move. The altcoin is in a range-bound move below the $0.14 high. The sideways move is characterized by small body indecisive candlesticks. The altcoin will resume an uptrend if price breaks above the moving averages.

Dogecoin Fluctuates as Bears Attempt to Break Below the $0.12
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 25% range of the daily stochastic. The market is in a bullish momentum. The 21-day line and 50-day line moving averages are sloping horizontally indicating a sideways move.

General Outlook for Dogecoin
DOGE/USD is in a range-bound move as bears break below the $0.12. It is confined between $0.12 and $0.15 price levels. The altcoin will trend when the range-bound levels are breached. In the meantime, the bears are retesting the $0.12 support to break below it.


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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.