Dogecoin Reaches the Oversold Region as It Holds above $0.056

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 downtrend as it holds above $0.056. The cryptocurrency is declining to the previous low of June 13 price levels. On June 13, the bearish trend subsided as the altcoin resumed upward correction. The current downtrend was a result of the bulls’ inability to break the 21-day line SMA on September 17. The altcoin turned down from the 21-day line moving average to resume selling pressure. DOGE is falling as it approaches the previous low of June 13.

Dogecoin Reaches the Oversold Region as It Holds above $0.056
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 39 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone as it approaches the oversold region. The price bars are below the moving average lines which indicates further decline.


DOGE/USD Medium-term bias: Bearish
On the 4 –hour chart, the altcoin is facing rejection at the 50-day line SMA .DOGE has resumed selling pressure as it turns down from the moving average lines. Meanwhile, on September 13, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOGE will fall to level 1.618 Fibonacci extension or level $0.056.

Weekly Chart Indicators Reading
The altcoin is below the 20% range of the daily stochastic. It indicates that the coin has fallen to the oversold region. The selling pressure may subside. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.


General Outlook for Dogecoin
The coin has reached bearish exhuastion as it holds above $0.056. The upward correction will resume if the $0.056 support holds. Meanwhile, Dogecoin is consolidating above the current support..

Dogecoin Reaches the Oversold Region as It Holds above $0.056
DOGE/USD – 4 Hour Chart

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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.