Dogecoin Resumes Uptrend but Battles Resistance at $0.11

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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: Bullish
Dogecoin (DOGE) price has broken above the moving average lines but battles resistance at $0.11. The rising trend is meeting resistance at the $0.11 high. Since November 30, buyers have struggled to break through the $0.11 resistance level. If buyers keep the price above the resistance level of $0.11, DOGE will rise and retest its previous high of $0.15. On the downside, if buyers are unable to breach the recent high, Dogecoin will fall and find support above the $0.09 breakout level. However, if the bears breach below the $0.09 support, the selloff may continue. DOGE/USD is expected to fall to its prior low of $0.05.

Dogecoin Resumes Uptrend but Battles Resistance at $0.11
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE has increased to Relative Strength Index level 57 for period 14. The cryptocurrency is on a positive trend and has the potential to increase further. The price bars are above the moving average lines, indicating that the price will continue to rise.

DOGE/USD Medium-term bias: Bearish
On the 4-hour chart, Dogecoin is moving sideways. The altcoin is fluctuating below the resistance level to break it. Buyers failed to break through the resistance level on three occasions. The price retracement of the cryptocurrency has been above the moving average lines.

Dogecoin Resumes Uptrend but Battles Resistance at $0.11
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is trading below the daily Stochastic threshold of 20. The market has been oversold. Buyers are likely to emerge in the market’s oversold region. The 50-day and 21-day SMA lines are trending upward, indicating the uptrend.

General Outlook for Dogecoin
Dogecoin is rising above the moving average lines but battles resistance at $0.11. The ongoing rise has been hampered by the $0.11 high. When buyers break over the current resistance level, the uptrend will restart. Meanwhile, DOGE is trading below the barrier level.

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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.