Dogecoin Has Fallen Into an Oversold Region at $0.21, Uptrend Likely

25 November 2021 | Updated: 25 November 2021

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 move. The cryptocurrency plunged to $0.21 low since November 18. For the past week, the altcoin has been consolidating above the $0.21 support. The $0.21 support was the previous low of October 27. Since October 1, the current support has not been broken. Perhaps, the uptrend will resume if the current support holds.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin has a bearish crossover. That is, the 21-day line SMA crosses below the 50-day SMA indicating the sell signal. DOGE is at level 39 of the Relative Strength Index for period 14. The crypto is still trading in the bearish trend zone.

DOGE/USD Medium-term bias: Bearish
DOGE price is in a downward move. It is falling to revisit the previous low at $0.22. Meanwhile, on October 31 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 $0.229.

DOGE/USD – Daily Chart

4-hour Chart Indicators Reading
Dogecoin is below the 20% area of the daily stochastic. It indicates that the market is in a bearish momentum but DOGE has reached the oversold region. Buyers are expected to pushes upward.

General Outlook for Dogecoin
For the past week, Dogecoin has been consolidating above the $0.21 support. The cryptocurrency is likely to resume upward if the current support holds.

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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.