Dogecoin Resumes Downtrend As It Revisits the Previous Low at $0.06
Azeez Mustapha
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 the altcoin revisits previous low at $0.06. Since May 31, the coin has been on a downward move after its rejection at the recent high. DOGE price is hovering above the current support as bears attempt to break below it. On the downside, Dogecoin will revisit the previous low at $0.06 if the bears break below the current support. On the other hand, if the current support holds, and DOGE rebounds, the bulls will break the 21-day line SMA. The coin will rally to the 50-day line SMA.
Daily Chart Indicators Reading:
Dogecoin is at level 34 of the Relative Strength Index for period 14. DOGE price bars are below the moving averages indicating further price fall. 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 was in a range-bound move before the recent downward move. Meanwhile, on June 1 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extension or $0.0736. From the price action, Dogecoin is approaching the low of $0.07.
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4-hour Chart Indicators Reading
The altcoin is below the 20% range of the daily stochastic. The market has reached the oversold region . The altcoin is in a bearish momentum. The 21-day line and 50-day line moving averages are sloping horizontally indicating a sideways move.
General Outlook for Dogecoin
Dogecoin is in a downward move as it revisits the previous low at $0.06. The selling pressure has resumed as bears attempt to break below the current support at $0.07
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