Dogecoin Holds above $0.056 Support as Bears Attempt to Revisit $0.049

Estimated Reading Time: 3 minutes

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Azeez Mustapha

Updated: 13 October 2022

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 (DOGE) price is trading in the downtrend zone as bears attempt to revisit $0.049. The bulls have stalled the current decline to the low of $0.56 on September 18. In other words, Dogecoin has traded above the current support for the past two weeks. On the upside, the upward moves have been restrained by the moving average lines. On September 24, DOGE price rebounded and rallied above the moving average lines. The bullish momentum was repelled at the high of $0.068. Consequently, the coin received stiff resistance and it dropped sharply below the moving average lines. On the downside, if the bears break below the current support, the market will decline to $0.049 low.

Dogecoin Holds above $0.056 Support as Bears Attempt to Revisit $0.049 — DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Because of the recent decline, DOGE is at level 45 of the Relative Strength Index for period 14. The altcoin risks further decline as the price bars are below the moving average lines. The moving average lines are sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On the 4 –hour chart, DOGE has been in a sideways move but it is trading below the moving average lines. On September 26 price slump, a retraced candle body tested the 61.8%% Fibonacci retracement level. It indicates that the market will decline to level 1.618 Fibonacci extension or $0.055.

Dogecoin Holds above <img decoding= — DOGE/USD – 4 Hour Chart

4- Hour Chart Indicators Reading
DOGE is below the 20% range of the daily stochastic. It is in the oversold region of the market. The market has reached bearish exhaustion. The moving average lines are sloping downward indicating the bearish trend.

General Outlook for Dogecoin
Dogecoin is in a downtrend as it declines to the low of $0.058 as bears attempt to revisit $0.049. The coin will resume an uptrend if it rebounds above the current support. The altcoin will further decline if the current support is breached.

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