Dogecoin Holds above $0.12 Support but Battles the Resistance at $0.15

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 at the bottom of the chart but battles the resistance at $0.15. The altcoin is attempting to resume upward but is confined in a range. The cryptocurrency is fluctuating between $0.12 and $0.15 price levels. On January 26, the bulls attempted to break above the initial resistance at level $0.15 but were repelled. Dogecoin is capable of reaching the high of $0.22 if the bulls break the resistance at $0.15. On the downside, a further downward move is unlikely as the altcoin reaches the oversold region.

Daily Chart Indicators Reading:
DOGE price has risen to level 41 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. The crypto is making an upward move. The 50-day line SMA and the 21-day line SMA are sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is in a downward move but has fallen to the oversold region of the market. Dogecoin has retested the previous low at $0.12 twice and resumed upward. Meanwhile, on January 13 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 $0.11. From the price action, the altcoin reached the low $0.12 and resumed upward.

4-hour Chart Indicators Reading
DOGE price is above 25% area of the daily stochastic. The altcoin is in a bullish momentum. The 50-day line SMA and the 21-day line SMA are sloping downward indicating the downtrend.

General Outlook for Dogecoin
Dogecoin is in a downward correction but battles the resistance at $0.15. The uptrend will resume if price breaks above the moving averages or the $0.18 high.


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