Dogecoin Loses $0.12 Support as Bulls Attempt To Pull Back

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 is in a downward correction as bulls attempt to pull back. Each time the bears break the $0.12 support, the bulls will buy the dips. This has been the price action since January 22. Presently, DOGE/USD is declining as bulls failed to break the 21-day line moving average. On February 28, DOGE’s price rebounded and reached the high of $0.138 but could not break the 21-day line moving average. The altcoin faced rejection and resumed a downtrend. The current downtrend is likely to be short-lived as bulls are likely to buy the dips. On the upside, a break above the moving averages will catapult the altcoin to retest the $0.17 and $0.19 price levels.

Dogecoin Loses $0.12 Support as Bulls Attempt To Pull Back
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin has fallen to level 37 of the Relative Strength Index for period 14. Dogecoin is in the downtrend zone and below the centerline 50. It is also approaching the oversold region of the market. DOGE price is below the moving averages indicating a possible fall.


DOGE/USD Medium-term bias: Bearish
On the 4 – hour chart, the DOGE price is in a downward move and has reached bearish exhaustion. Meanwhile, on March 4 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 $0.11. From the price action, DOGE is consolidating above the $0.12 support.

Dogecoin Loses $0.12 Support as Bulls Attempt To Pull Back
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. Buyers are likely to emerge in the oversold region of the market.

General Outlook for Dogecoin
Dogecoin has recovered from the downtrend since January 22 as bulls attempt to pull back. The selling pressure has subsided after the January 22 price slump. The market has reached the oversold region for a possible upward move

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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.