Dogecoin Struggles above $0.07 as Sellers Insist on Selling Short

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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
Since November 9, the Dogecoin (DOGE) price has consistently remained above the $0.07 support as sellers insist on selling short. For the past month, the bears have been unable to breach the current support. The current support was broken on December 19, but the bulls bought the dips. Over the past week, DOGE’s price has varied between $0.07 and $0.08. As the altcoin fell to $0.06, the bears broke the current support, but the bulls bought the dips. If they are successful, market prices will drop to a low of $0.059. On the other hand, the market will resume its range-bound movement if buyers stand firm at the current support.

Dogecoin Struggles above $0.07 as Sellers Insist on Selling Short
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is trading at Relative Strength Index level 34 for period 14. The altcoin is approaching the oversold area of the market and may continue to fall. Price bars that are below the moving average lines are causing the current decline.

DOGE/USD Medium-term bias: Bearish
On the 4-hour chart, DOGE is declining as it approaches the current support level of $0.07. Since November 9, buyers have been defending the current support. The current support level has been broken today, but the altcoin is regaining ground above it.

Dogecoin Struggles above $0.07 as Sellers Insist on Selling Short
DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is currently trading below the daily Stochastic’s level 20. It suggests that the market has reached its limit of bearishness.
The downward-sloping 50-day and 21-day SMA lines indicate a downtrend.

General Outlook for Dogecoin
Dogecoin has surpassed the $0.07 level as sellers insist on selling short. Above its current support level, the altcoin is consolidating. Doji candlesticks, which have a small body and lack conviction, stand out in the price movement.


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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.