Dogecoin Rebounds but Struggles Below the $0.064 High

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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 struggles below the $0.064 high. The altcoin fell to the low of $0.06 and pulled back. Dogecoin is making an upward correction as it reaches the high of $0.064. This is an indication that the bulls are buying the dips. On the upside, if buyers push the altcoin above the moving average lines, the DOGE price will reach the high of $0.08 and $0.09 price levels. However, if the altcoin faces rejection at the moving average lines, Dogecoin will decline to the current support at $0.05. Nonetheless, if the current support is breached the downtrend will resume.

Dogecoin Rebounds but Struggles Below the $0.064 High
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin is at level 44 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and may further decline. DOGE price bars are below the moving average lines indicating a downward movement of the coin. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On the 4– hour chart, the DOGE price is in a downtrend. Presently, the altcoin is fluctuating between the moving average lines. It is trading above the 21-day line SMA but below the 50-day line SMA. The crypto will be fluctuating between the moving average lines. DOGE will trend when the moving average lines are breached.

Dogecoin Rebounds but Struggles Below the $0.064 High
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 80% range of the daily stochastic. It indicates that the coin has reached the overbought region. The 21-day line and 50-day line moving average lines are sloping horizontally indicating the sideways trend.

General Outlook for Dogecoin
Dogecoin is in a downward correction and may decline as it struggles below the $0.064 high. A break above the moving averages will end the downward correction.


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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.