Dogecoin Rebounds Above $0.11 Support, Poises To Reclaim $0.12 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 in a downward correction as it poises to reclaim $0.12 high. Today, the altcoin is making an upward move to retest or break above the moving averages. Since February 28 rally and rejection, the cryptocurrency has been in a downward move as it broke below the crucial support at $0.12. Today, if the altcoin turns from the moving averages, it will further decline to the low of $0.10. Meanwhile, the crypto has continued its upward move.

Dogecoin Rebounds Above $0.11 Support, Poises To Reclaim $0.12 High
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The recent upward move has pushed the altcoin to level 42 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. DOGE price is below the moving averages which makes it prone to fall. The 21-day line and 50-day line moving averages are pointing southward.

DOGE/USD Medium-term bias: Bullish
On the 3 – hour chart, the DOGE price has broken above the moving averages as the altcoin resumes upward. The upward move has reached the overbought region. Meanwhile, on March 16 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 $0.1239.

Dogecoin Rebounds Above $0.11 Support, Poises To Reclaim $0.12 High
DOGEUSD3 Hour Chart.png

3-hour Chart Indicators Reading
The altcoin is above the 70% range of the daily stochastic. It indicates that the market is in a bullish momentum. However, the market is approaching the overbought region.

General Outlook for Dogecoin
Dogecoin has resumed its upward move as it poises to reclaim $0.12 high. The altcoin will reclaim the $0.12 price level if the bulls break above the moving averages. Also, the bullish momentum is sustained above the moving averages.

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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.