Dogecoin Holds the $0.06 Support as It Challenges the Resistance at $0.0640

Azeez Mustapha

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Technical indicators
Major Resistance Levels – $0.12 and $0.14
Major Support Levels – $0.06 and $0.04

Dogecoin (DOGE) Price Long-term Prediction: Bearish
The Dogecoin (DOGE) price has reclaimed the $0.06 support as it challenges the resistance at $0.0640. However, the upward correction has been more gradual due to the presence of Doji candlesticks.

The 21-day SMA as well as the resistance at $0.064 are also preventing the cryptocurrency from moving higher. The signals indicate that DOGE will keep falling as it trades in the overbought region of the market.

On the plus side, if buyers can break through the initial resistance, the market will rise above the $ 0.070 high or above the moving average lines. Bears may have the upper hand, however, as DOGE trades in the overbought region at $0.064.

DOGE is currently trading at $0.0638 at the time of writing. If it is rejected at $0.0640, DOGE will return to its current support level of $0.060. Meanwhile, DOGE is retesting the resistance level of $0.0640.

Dogecoin Holds the $0.06 Support as It Challenges the Resistance at $0.0640
DOGE/USD – Daily Chart

Dogecoin (DOGE) Indicator Reading
DOGE is at Relative Strength Index level 42 for period 14. In the bearish trend zone, the coin has the potential to fall. DOGE is falling because the price bars are below the moving average lines.

The daily Stochastic indicates that DOGE is trading above the price indicator’s level of 80. It denotes that the market has reached an overbought condition.

What is the next direction for Dogecoin (DOGE)?
The DOGE/USD pair is likely to be rejected in the overbought zone as it challenges the resistance at $0.0640. It is will fall to the critical support level of $0.06.

However, if the bears break through the current support, the altcoin will return to its previous low of $0.053. If the current support holds, DOGE will be forced to make a range-bound move.

 Dogecoin Holds the $0.06 Support as It Challenges the Resistance at $0.0640
DOGE/USD – 4 Hour Chart

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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.

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