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

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

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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 <img fetchpriority=.50 Low" width="1053" height="536" data-lazy-src="https://learn2.trade/wp-content/uploads/2022/09/DOGEUSDDaily-chart-.png"/>
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 <img decoding=.50 Low" width="1052" height="536" data-lazy-src="https://learn2.trade/wp-content/uploads/2022/09/DOGEUSD4-Hour-Chart-1.png"/>
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.


You can purchase crypto coins here: Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News