Dogecoin Falls to the Previous Low at $0.19 as It Resumes an Uptrend

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 move but the selling pressure has reached bearish exhaustion. The cryptocurrency fell to the low of $0.19 as bulls bought the dips. The $0.19 support is crucial because it is the historical price level of August 3 and September 28. Dogecoin has resumed uptrend when price revisits the historical price level of $0.19. The upward move will resume if price holds above the current support. The current bullish move is facing resistance at the $0.22 high.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 41 of the Relative Strength Index for period 14. The crypto is still in the downtrend zone despite the current bullish move. The 21-day line SMA and the 50-day SMA are sloping downward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
DOGE price has fallen and reached bearish exhaustion. The altcoin is attempting to resume upward after revisiting the previous low at $0.19. Meanwhile, on November 6 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE price will fall to level 2.0 Fibonacci extension or level $0.20.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Dogecoin is above the 40% area of the daily stochastic. It indicates that the market is in a bullish momentum. The moving averages are sloping downward indicating the downtrend.

General Outlook for Dogecoin
Dogecoin has fallen to the oversold region. The cryptocurrency has also revisited the previous low of $0.19. There is the tendency for an upward movement of the coin. The upward movement will continue if the current resistance is breached.


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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.