Dogecoin Is in a Confined Range but Faces Rejection at $0.1456

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’s (DOGE) price is in a downward correction but faces rejection at $0.1456. That is, it is trading above the 50-day line SMA but below the 21-day line SMA. The cryptocurrency will resume trending when the moving average lines are broken. On the upside, if the bulls break the 21-day line moving average, the DOGE price will rise and revisit the previous high of $0.17. In the previous price action, the bulls retested the $0 .17 high on two occasions but were repelled. The altcoin would have rallied to the $0.21 high if the resistance at $0.17 is breached. On the downside, if the bears break below the 50-day line SMA, the market will decline to $0.11. In the meantime, DOGE/USD is confined between the moving averages.

Dogecoin Is in a Confined Range but Faces Rejection at $0.1456
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin is at level 48 of the Relative Strength Index for period 14. It indicates that the coin is in the bearish trend zone and below the centerline 50. The 21-day line SMA and the 50-day line SMA are sloping sideways move to indicate the range-bound move. The crypto’s price is between the moving averages indicating that the market will be in a range-bound move for a few more days.


DOGE/USD Medium-term bias: Bearish
On the 4– hour chart, the DOGE price is in a downtrend as price breaks below the moving averages. Meanwhile, on April 27 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.272 Fibonacci extension or $0.12. From the price action, the market has fallen to the low of $0.13.

 Dogecoin Is in a Confined Range but Faces Rejection at $0.1456
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 20% range of the daily stochastic. The market has reached the oversold region. It implies that selling pressure is likely to end. The 21-day line and 50-day line moving averages are sloping horizontally indicating a sideways move.

General Outlook for Dogecoin
DOGE/USD is confined between the moving averages but faces rejection at $0.1456. Since April 11, Dogecoin has not been trending. In previous price action, the uptrend has been stuck at the $0.17 resistance level.


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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 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
Share with other traders!

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.