Dogecoin Is in a Sideways Move as It Consolidates above $0.08
Login

Dogecoin Is in a Sideways Move as It Consolidates above $0.08

Estimated Reading Time: 2 minutes

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’s (DOGE) price retested the 21-day line SMA twice as it consolidates above $0.08. DOGE is falling as bears attempt to push the coin to the previous low at $0.07. In previous price action, DOGE/USD has been in a range-bound move between $0.07 and $0.09. On the upside, the uptrend has been restricted by the 21-day line moving average. The bears have the upper hand as the altcoin revisits the previous low at $0.06.

Dogecoin Is in a Sideways Move as It Consolidates above $0.08
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin is at level 36 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone as it revisits the previous low at $0.06. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. The 21-day line SMA is acting as a resistance line to the price bars.

DOGE/USD Medium-term bias: Ranging
On the 4– hour chart, the DOGE price is in a sideways move. Meanwhile, on June 1 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extension or $0.0736. From the price action, Dogecoin is approaching the low of $0.07.

Dogecoin Is in a Sideways Move as It Consolidates above $0.08
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 overbought region of the market. The altcoin is in a bearish momentum. The 21-day line and 50-day line moving averages are sloping horizontally indicating a sideways move.


General Outlook for Dogecoin
Dogecoin is in a downward move as it consolidates above $0.08. The selling pressure has been accelerated as the market reaches the oversold region.

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