Dogecoin Holds Above $0.07 as Buyers Attempt to Push Price to $0.11


Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bullish
Dogecoin’s (DOGE) price is trading in the bullish trend zone as buyers attempt to push price to $0.11. Dogecoin is trading at $0.07 at the time of writing. The price movement is insignificant because of the presence of Doji candlesticks. On the upside, a break above $0.07 will catapult DOGE to the high of $0.09. Further upward moves are unlikely as the altcoin faces rejection at the recent high. On the downside, if the bears break below the moving average lines, the market will decline to the low of $0.06. Also, if the DOGE price holds above the moving average lines, a fresh uptrend is likely to resume.

Dogecoin Holds above $0.07 as Buyers Attempt to Push Price to $0.11
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The cryptocurrency is at level 56 of the Relative Strength Index for period 14. It indicates that the altcoin is in the bullish trend zone and capable of a further upward move. The crypto’s price bars are above the moving average lines indicating a possible rise of the coin. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. The altcoin is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum

DOGE/USD Medium-term bias: Bearish
On the 4– hour chart, the DOGE price is in a sideways move. The market is retesting the $0.07 resistance to breaking above it. The altcoin is declining to the previous low .

Dogecoin Holds above $0.07 as Buyers Attempt to Push Price to $0.11
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The 21-day line and 50-day line moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
Dogecoin has recovered as buyers attempt to push price to $0.11. However, the price action is characterized by small body indecisive candlesticks called Doji. Doji candlesticks cause the price to be in a range-bound move. Besides, the price movement has been insignificant.

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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.