Dogecoin Hovers Above $0.08 as It Risks a Decline to $0.07

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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 (DOGE) price is circling above the moving average lines as it risks a decline to $0.07. On the downside, the current uptrend will come to an end if price drops below the 50-day moving average line. For a few more days, DOGE will fall and become range-bound between the moving lines. In contrast, it will drop to the previous low at $0.07 and start a range-bound movement between $0.07 and $0.11. Buyers have been protecting the current support at $0.07 since November 9.

Dogecoin Hovers Above $0.08 as It Risks a Decline to $0.07
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is at Relative Strength Index level 68 for period 14. The cryptocurrency asset is falling from the market’s overbought region. The price bars are above the moving average lines, indicating that the altcoin may rise. When the price bars fall below the moving average lines, the altcoin will fall.

DOGE/USD Medium-term bias: Bullish
On the 4-hour chart, DOGE is trading in the bullish trend zone and above the moving average lines. The altcoin is just above the moving average lines. If the price stays above the moving average lines, the $0.09 resistance level will be retested. If the price slips below the moving average lines, selling pressure will pick up again.

Dogecoin Hovers Above $0.08 as It Risks a Decline to $0.07
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Dogecoin is in a bearish trend below the daily Stochastic level of 80. As the altcoin floats above the moving average lines, the bearish momentum has diminished. If the price drops below the 50-day and 21-day moving average lines, selling pressure will pick up again.

General Outlook for Dogecoin
Dogecoin has fallen above the $0.08 support level as it risks a decline to $0.07. If the price remains above the moving average lines or the $0.08 support, the uptrend will resume. If the current resistance level is breached, the coin will revert to its previous high of $0.11. The altcoin will fail if the price falls below the moving average lines.


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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.