Dogecoin Is in a Decline as It Hovers above $0.09 Support

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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’s (DOGE) price is still in the bullish trend zone as it hovers above $0.09 support. After failing to overcome the $0.11 resistance, Doge is now in decline. On the down side, Dogecoin will tumble and find support above the $0.09 breakout level if sellers break below the moving average lines. The selloff could, however, go on if the bears break below the $0.09 support. If the price of DOGE/USD breaks through the moving average lines, it can drop to its previous low of $0.05. At the time of writing, DOGE/USD is currently trading at $0.09.

Dogecoin Is in a Decline as It Hovers above $0.09 Support
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The Relative Strength Index for period 14 has DOGE at level 56. In spite of the setback, it is still in the bullish trend zone. The moving average lines are above the price bars, suggesting a potential upward movement. If prices remain above the moving average lines, the upward movement will resume.

DOGE/USD Medium-term bias: Bearish
Dogecoin is swaying slightly below the $0.11 high on the 4-hour chart. In an effort to overcome the resistance, the altcoin is oscillating below it. Three attempts by buyers to break through the resistance level were unsuccessful. The altcoin has deviated below the lines of the moving average.

Dogecoin Is in a Decline as It Hovers above $0.09 Support
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is declining since it is below the daily Stochastic threshold of 25. The preceding trend is being indicated by the upward trending 50-day and 21-day SMA lines. The moving average lines intersect the price bars of the cryptocurrency, indicating a range-bound movement.

General Outlook for Dogecoin
The support level of $0.09 and the moving average lines are being crossed by Dogecoin as it hovers above $0.09 support. If the current support holds, the altcoin will start a new upswing. As the market approaches the oversold area, the bearish momentum could stop.

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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

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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.