Dogecoin Holds above $0.15 as Buyers Regroup to Resume 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: Bullish
Dogecoin’s (DOGE) price retraces to $0.15 support as buyers regroup to resume uptrend. The 50-day line moving average was earlier broken but the bears have pushed back the price below it. DOGE price is above the 21-day line moving average but below the 50-day line moving average. DOGE/USD would have rallied to $0.21 if buyers kept the price above the moving averages. Meanwhile, the current bullish move was repelled at $0.17. The altcoin has retraced to the breakout level of $0.15 support.

Dogecoin Holds above $0.15 as Buyers Regroup to Resume Uptrend
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The cryptocurrency has risen to level 55 of the Relative Strength Index for period 14. The altcoin is trading in the bullish trend zone and capable of a further upward move. The 50-day line SMA and the 21-day line SMA is sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Bullish
DOGE price is in an uptrend as price breaks above the moving averages. The current uptrend is facing resistance at $0.17. Meanwhile, on February 7 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.618 Fibonacci extension or $0.19.

Dogecoin Holds above $0.15 as Buyers Regroup to Resume Uptrend
DOGE/USD- 4 Hour Chart

4-hour Chart Indicators Reading
DOGE price is above the 25% range of the daily stochastic. The market has resumed bullish momentum. The 50-day line SMA and the 21-day line SMA are sloping upward indicating the uptrend.

General Outlook for Dogecoin
Dogecoin has resumed bullish momentum as buyers regroup to resume uptrend. The altcoin is still battling the resistance at $0.17. According to the price indicator, there is a likelihood of further upward move.



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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.