Dogecoin Is Confined in a Range as It Risks Further Decline to $0.050 Low

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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: Bearish
Dogecoin (DOGE) price is in an upward correction as it risks further decline to $0.050 low. Presently, the coin is fluctuating between the moving average lines. The cryptocurrency will trend when the moving average lines are breached. Meanwhile, on September 7 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOGE will fall to level 1.618 Fibonacci extension or level $0.050. From the price action, DOGE is trading at $0.0611 at the time of writing.

Dogecoin Is Confined in a Range as It Risks Further Decline to $0.50 Low
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 48 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and may further decline. DOGE price bars are between the moving average lines which indicate a possible range-bound move. The altcoin will trend when the moving average lines are broken by price. The moving average lines are sloping horizontally indicating the sideways trend.

DOGE/USD Medium-term bias: Bearish
On the 4 –hour chart, DOGE is in a downward move as it declines below the 21-day line SMA. Also, it is trading between the moving average lines. The altcoin will trend when the moving average lines are breached.

Dogecoin Is Confined in a Range as It Risks Further Decline to $0.50 Low
DOGE/USD – 4 Hour Chart

4- Hour Chart Indicators Reading
The altcoin is below the 20% range of the daily stochastic. DOGE has reached the overbought region of the market. The selling pressure has reached bearish exhaustion. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.

General Outlook for Dogecoin
Dogecoin is trading in a confined range as it risks further decline to $0.050 low. It has fallen to the oversold region of the market. Buyers are likely to emerge in the oversold region to push prices upward.


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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.