Dogecoin Makes an Upward Correction, Struggles below the $0.20 High

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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: Bearish
Dogecoin’s (DOGE) price has broken the 21-day line moving average as it struggles below the $0.20 High. The market is rising on the upside to retest the 50-day line moving averages. The cryptocurrency will resume an uptrend if price breaks above the two moving averages. DOGE price may face rejection at the 50-day line SMA which will compel the altcoin to a range-bound move.

Dogecoin Makes an Upward Correction, Struggles below the $0.20 High
DOGE/USD – Daily Chart

Daily Chart Indicators Reading
The current uptrend has pushed the DOGE price to level 47 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. The 21-day line SMA and the 50-day SMA are sloping downward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
Dogecoin has been in a downward move. The selling pressure has been exhausted as price rebounds above the current support. On November 27 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE price will fall to level 1.272 Fibonacci extension or level $0.16. From the price action, DOGE price has reversed and it is trading at $0.18.

Dogecoin Makes an Upward Correction, Struggles below the $0.20 High
DOGE/USD – Daily Chart

4-hour Chart Indicators Reading
Dogecoin is above the 30% area of the daily stochastic. It indicates that the market is in a bullish momentum. The moving averages are sloping downward indicating the downtrend.

General Outlook for Dogecoin
The cryptocurrency has resumed an upward move as it struggles below the $0.20 High. Buyers are struggling to break above the moving averages. A break above the moving averages will accelerate price movement.

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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.