Dogecoin Is in a Sharp Fall, Faces Rejection from $0.15

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 still in a downward correction but faces rejection from $0.15 . The cryptocurrency is confined in a range between $0.13 and $0.15 price levels. Since April 11 bearish impulse, buyers have been making attempts to break above the 21-day line SMA. The bullish moves were repelled at the $0.15 resistance zone. Today, Dogecoin is still trading in a confined range. Besides, the price bars are between the moving averages which are responsible for the range-bound movement. On the upside, if the bulls break above the 21-day line SMA, the market will rally to $0.17 high. On the other hand, the selling pressure will resume, if the bears break below the 50-day line SMA.

Daily Chart Indicators Reading:
The altcoin is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The crypto’s price is between the moving averages indicating that the market will be in a range-bound move. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend.

DOGE/USD Medium-term bias: Bearish
On the 4– hour chart, the DOGE price is in an upward move as price breaks above the moving averages. The current uptrend is stuck below the $0.15 resistance. Meanwhile, on April 20 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.0 Fibonacci extension or $0.159.

4-hour Chart Indicators Reading
The altcoin is above the 25% range of the daily stochastic. The market is in a bullish momentum. The 21-day line and 50-day line moving averages are sloping horizontally indicating a sideways move.

General Outlook for Dogecoin
DOGE/USD is still in a downward correction and confined in a range but but faces rejection from $0.15. Dogecoin will trend when the moving average lines are breached. The altcoin is facing rejection at $0.15.



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