Dogecoin Rallies to $0.14 Resistance, May Target the $0.17 High

Updated:

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bullish
Dogecoin’s (DOGE) price is trading in the bullish trend zone as it may target the $0.17 high. Buyers have pushed the cryptocurrency above the moving averages. The altcoin is rising now to retest the initial resistance at $0.14. A break above the $0.17 resistance will catapult DOGE out of downward correction. The crypto’s price will rise to retest the previous high of $0.21. Nevertheless, as the market approaches the overbought region, Dogecoin may face rejection at the recent high. However, if Dogecoin turns from the recent high, the altcoin may decline above the moving averages. Nonetheless, if the bears break below the moving averages, the DOGE will fall to $0.10 low.

Dogecoin Rallies to $0.14 Resistance, May Target the $0.17 High
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin is at level 64 of the Relative Strength Index for period 14. The altcoin is now in the uptrend zone and capable of a further upward move. The crypto’s price is above the moving averages indicating a possible rise of the coin. The 21-day line and 50-day line moving averages are
sloping upward.

DOGE/USD Medium-term bias: Bullish
On the 4 – hour chart, the DOGE price is in an uptrend as price breaks above the moving averages. The altcoin has risen to an overbought region of the market. Meanwhile, on March 19 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.618 Fibonacci extension or $0.14. From the price action, the altcoin has reached level 2.618 Fibonacci extension and it is retracing.

Dogecoin Rallies to $0.14 Resistance, May Target the $0.17 High
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. The 21-day line and 50-day line moving averages are pointing northward indicating the upward move.

General Outlook for Dogecoin
Dogecoin is the uptrend trend zone as it may target the $0.17 high. The altcoin will be out of downward correction if the current momentum is sustained. The coin may decline as it reaches the overbought region.

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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.