Dogecoin May Decline as It Faces another Rejection at $0.069

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 (DOGE) price is in a downward move as it faces another rejection at $0.069. In the last 48 hours, DOGE has been holding above the current support. The crypto’s price is making an upward move. On the upside, Dogecoin will be compelled to a range-bound move between $0.063 and $0.077 price levels. Nevertheless, if the bears break below the current support, the market will decline to a low of $0.05. In the meantime, Dogecoin is rising to the upside.

Dogecoin May Decline as It Faces another Rejection at $0.069
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin is at level 40 of the Relative Strength Index for period 14. DOGE is in the downtrend zone and may further decline. The crypto’s price is below the moving average lines which indicates a further decline. The 50-day line SMA and the 21-day line SMA are sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On a weekly chart, the DOGE price retested the 21-day line SMA to resume selling pressure. Meanwhile, on a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that DOGE will fall to level 1.272 Fibonacci extension or level $0.05. From the price action, DOGE has fallen to the low of $0.0635.

Dogecoin May Decline as It Faces another Rejection at $0.069
DOGE/USD – Weekly Chart

Weekly Chart Indicators Reading
Dogecoin is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.

General Outlook for Dogecoin
DOGE price is hovering above the $0.062 support as it faces another rejection at $0.069. The Fibonacci tool has indicated a further decline in prices. The current support has not been broken since July.


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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.