Dogecoin Rebounds above $0.15 Support but Faces Rejection at $0.22

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 recovered from its downtrend but the bulls failed to sustain the bullish momentum above the moving averages. On December 14, the cryptocurrency rebounded above the $0.15 support and rallied to $0.22 high. However, the DOGE price was resisted at the recent high as it pulled back below the 21-day moving average. After the retracement, a long candlestick wick formed at the recent high. This long candlestick wick indicates that DOGE price has strong selling pressure at higher price levels. Meanwhile, buyers are recouping to resume a fresh uptrend.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Despite the recent price rally, the DOGE price is below the moving averages. It means that it is in the bearish trend zone and capable of falling on the downside.DOGE is at level 44 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. The 21-day line SMA and the 50-day SMA are sloping downward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
DOGE price is in a downtrend but the altcoin has recovered above the current support. However, it is facing rejection at the moving averages. On November 27 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE price will fall to level 1.272 Fibonacci extension or level $0.16. From the price action, DOGE price has reversed and it is trading at $0.18.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Dogecoin is above the 50% area of the daily stochastic. It indicates that the market is in a bullish momentum. The moving averages are sloping downward indicating the downtrend.

General Outlook for Dogecoin
Dogecoin’s downward move has ended as altcoin revered above the $0.15 support. The bulls are still struggling to keep the price above the moving averages. A break above the moving averages will signal the resumption of the uptrend.


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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.