Dogecoin Rebounds above $0.11 but Struggles below the $0.125 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: Bearish
Dogecoin’s (DOGE) price is still in a downward correction as it struggles below the $0.125 high . Dogecoin rebounded above the $0.1074 support as price corrected upward to the high of $0.12. The upward move is facing rejection at the high of $0.12. The recent high was the previous low of the January 22 price slump. DOGE/USD will further decline if the bears turn the recent high to another resistance zone. The altcoin will fall but reverse at the previous low of $0.10.

Dogecoin Rebounds above $0.11 but Struggles below the $0.125 High
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE’s price is below the 50-day line SMA and the 21-day line SMA which indicates a further downward movement of prices. However, as the market reaches the oversold region the selling pressure is likely to end. The altcoin is at level 31 of the Relative Strength Index for period 14. Dogecoin has reached the oversold region of the market.


DOGE/USD Medium-term bias: Bearish
On the 4 – hour chart, DOGE price is in a downward move. The altcoin is recovering after the recent downtrend. The crypto price fell to the low of $0.1068 and rebounded. Meanwhile, on February 22 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 2.0 Fibonacci extension or $10.62. From the price action, the altcoin tested the 2.0 Fibonacci extension and rebounded.

Dogecoin Rebounds above $0.11 but Struggles below the $0.125 High
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Dogecoin is above the 30% range of the daily stochastic which indicates that the market has resumed bullish momentum. The downtrend has subsided as the altcoin fell to the low of $0.10.

General Outlook for Dogecoin
Dogecoin has reached the oversold region as it struggles below the $0.125 high. Buyers are emerging to push the altcoin upward. The altcoin has risen to $0.1233 at the time of writing


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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.