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

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.

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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.