Dogecoin Reaches the Overbought Region as It Rallies to $0.084

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
Today, Dogecoin (DOGE) price has rebounded as it rallies to $0.084. The cryptocurrency has risen to an overbought region of the market. The implication is that further upward movement of price is unlikely. Today, DOGE is facing resistance at a high of $0.084. On the upside, if the bulls break the $0.084 high, the altcoin will reach the high of $0.096. Conversely, if DOGE turns from the recent high, the altcoin will decline to the low of $0.075 or $0.077 price level. Alternatively, Dogecoin will decline and continue its range-bound move between $0.067 and $0.073 price levels.

Dogecoin Reaches the Overbought Region as It Rallies to $0.084
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin is at level 74 of the Relative Strength Index for period 14. DOGE has reached the overbought region as it retraces to the downside. Sellers are likely to emerge to push prices down. The uptrend will resume if the crypto’s price remains above the moving average lines.

DOGE/USD Medium-term bias: Bullish
On the 4– hour chart, the DOGE price is attempting to resume an uptrend as the market reaches the high of $0.084. In the meantime, DOGE is fluctuating below the recent high for a possible upward move. Meanwhile, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that DOGE will rise to level 2.0 Fibonacci extension or $0.096 high.

 Dogecoin Reaches the Overbought Region as It Rallies to $0.084
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The 21-day line and 50-day line moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
Dogecoin is in an upward correction as it rallies to $0.084. There is a likelihood of a possible decline in prices as the market 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.