Dogecoin Holds above $0.07 as Traders Struggle over the Market’s Direction.

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RESULTS

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 declining below the moving average lines as traders struggle over the market’s direction. As bulls bought the dips on December 19, the bears broke below the $0.07 support. The $0.08 level is proving to be a barrier for buyers as they try to maintain the price above the previous low. The previous support level of $0.07, which is now a resistance level, is currently being tested by the bullish momentum once more. The market will rise above the moving average lines and reach a high of $0.10 if buyers keep the price above the resistance level of $0.08. However, if Dogecoin is rejected at the $0.080 resistance level, selling pressure might increase once more. The price of DOGE/USD will sag to $0.05. At the time of writing, DOGE is currently trading at $0.077.

Daily Chart Indicators Reading:
According to period 14’s Relative Strength Index, Dogecoin is still trading at level 40. The cryptocurrency asset is probably going to keep falling as long as it is in the bearish trend zone. The position of the price bars below the moving average lines indicates further decline.

DOGE/USD Medium-term bias: Bearish
DOGE is declining on the 4-hour chart, but it is correcting upward. The price of the cryptocurrency has broken above the moving average lines. Doji Candlesticks are currently dominating the price action.

4-hour Chart Indicators Reading
The altcoin is in a bearish trend and has fallen below the daily stochastic level of 80. For a possible rise, the price bars are above the moving average lines. The sloping southward of the 50-day and 21-day SMA lines indicates a downtrend.

General Outlook for Dogecoin
The cryptocurrency asset has tested the $0.07 support level a third time as traders struggle over the market’s direction. A price war is currently raging between buyers and sellers over the market’s direction.

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