Dogecoin Makes an Upward Moves and Targets the $0.08 High

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 declined to $0.05 on June 13 as it targets the $0.08 high. The cryptocurrency price corrected upward to the high of $0.06. The bulls are attempting to break above the 21-day line SMA. On the upside, if price rebounds, the market will rally to $0.08. On the other hand, if it turns from the 21-day line SMA, the coin will fall and revisit the previous low of $0.05.

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Daily Chart Indicators Reading:
Dogecoin is at level 46 of the Relative Strength Index for period 14. The coin is in the downtrend zone despite the upward correction. DOGE price bars are below the moving averages indicating further price fall. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Bullish
On the 4– hour chart, the DOGE price has broken above the moving averages. The coin is rising and approaching the high of $0.07. Meanwhile, on June 20 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.618 Fibonacci extension or $0.0705. From the price action, Dogecoin is approaching the low of $0.06.

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4-hour Chart Indicators Reading
The altcoin is above the 78% range of the daily stochastic. The altcoin is in a bullish momentum. The 21-day and 50-day line moving averages are sloping upward indicating an upward move.

General Outlook for Dogecoin
Dogecoin is on an upward move as it targets the $0.08 high. The coin may have a minor retracement at the overbought region. The uptrend will resume if the recent highs are breached.


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