Dogecoin Reaches Oversold Region as the Altcoin Rebounds above $0.13 Support

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 resumed downward correction as the altcoin rebounds above $0.13 support. The cryptocurrency has fallen to the low of $0.13 as bulls bought the dips. The current price falls were caused by bulls’ failure to break the resistance at $0.15 or the 50-day line moving average. In the previous price action, DOGE/USD was trading above the 21-day line moving average but below the 50-day line moving average. The recent downtrend has caused the altcoin to fall to the oversold region of the market.

Dogecoin Reaches Oversold Region as the Altcoin Rebounds above $0.13 Support
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto’s price is below the 50-day line SMA and the 21-day line SMA which indicates a further downward movement of prices. Dogecoin is below the 20% range of the daily stochastic which indicates that the market has reached the oversold region. The downtrend has subsided as the altcoin fell to the low of $0.13.

DOGE/USD Medium-term bias: Bearish
On the 4 – hour chart, DOGE price is in a downward move. The altcoin has fallen to the previous low. Meanwhile, on February 8 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extension or $0.14.

Dogecoin Reaches Oversold Region as the Altcoin Rebounds above $0.13 Support
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day line SMA and the 21-day line SMA are sloping southward indicating the downtrend. Dogecoin has fallen to the precious low as bulls bought the dips.

General Outlook for Dogecoin
Dogecoin is in  downward correction as the altcoin rebounds above $0.13 support. The cryptocurrency has fallen to the oversold region of the market. Buyers are emerging to push prices upward.


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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.