Dogecoin May Revisit Previous Low at $0.12, Faces Rejection at $0.13

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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 is still in a downward correction as faces rejection at $0.13. On February 28, DOGE’s price rebounded above the current support to reach the high of $0.1388. Today, DOGE is falling from the recent high or the 21-day line moving average. The altcoin is likely to revisit the previous low at $0.12. Since January 22, DOGE /USD has been in a downward correction as price fluctuates between $0.12 and $0.15 price levels. Dogecoin has retraced to the low of $0.1287 at the time of writing. The altcoin will rally above the moving averages if price rebounds above the current support.

Dogecoin May Revisit Previous Low at $0.12, Faces Rejection at $0.13
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin is at level 42 of the Relative Strength Index for period 14. Dogecoin is in the downtrend zone and below the centerline 50. DOGE’s price is below the 50-day line SMA and the 21-day line SMA which indicates a further downward movement of prices. Buyers are likely to emerge in the oversold region of the market.

DOGE/USD Medium-term bias: Bearish
On the 4 – hour chart, DOGE price is in an upward move as price breaks above the moving averages. Buyers could not breach the recent high as the market declined above the 50-day line moving averages. Meanwhile, on February 26 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.0 Fibonacci extension or $0.15. From the price action, DOGE is facing rejection at a level $0.13.

Dogecoin May Revisit Previous Low at $0.12, Faces Rejection at $0.13
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Dogecoin has fallen below the 20% range of daily stochastic. The cryptocurrency has fallen to the low of $0.1287 as the market reaches the oversold region.

General Outlook for Dogecoin
Dogecoin is in an upward correction as it faces rejection at $0.13. The upward correction is facing rejection at level $0.13. The uptrend will resume if price rebounds above the current support.

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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.