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

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

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

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 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 <img fetchpriority=.20 High" width="1280" height="655" data-lazy-src="https://learn2.trade/wp-content/uploads/2021/12/video_image-18.jpeg"/>
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 <img decoding=.20 High" width="1280" height="655" data-lazy-src="https://learn2.trade/wp-content/uploads/2021/12/video_image1-14.jpeg"/>
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.

You can purchase crypto coins here: Buy Coins

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