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.
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.
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.
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