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

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.

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.

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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