Dogecoin Trades in a Range as It Struggles below $0.09

Key Resistance Levels: $0.10, $0.12, $0.14                                          Key Support Levels: $0.08, $0.06,$0.04

DOGE/USD Long-term Trend: Bullish
The Dogecoin (DOGE) price has remained stable as it struggles below $0.09. When the moving average lines are crossed, the altcoin will trend. The DOGE price encountered resistance on February 18 at the $0.09 high, which caused it to carry on with its range-bound movement.The cryptocurrency asset has been bouncing between $0.08 and $0.09 levels despite being constrained by the moving average lines. The altcoin may revert to its previous bottom at a level of $0.08 if price breaks below the 50-day line SMA. Similar to Bitcoin, Dogecoin will restart its bullish trend once it breaks over the 21-day line SMA. At the $0.09 and $0.10 highs, the altcoin had a substantial rejection in previous market activity.

Daily Chart Indicators Reading:
Dogecoin is trading amid its price range and is at level 51 on the 14-period Relative Strength Index. The alternative currency is steadily falling toward the bearish trend zone. The price of the cryptocurrency is now balanced. However, the price bars are in between the moving average lines, which suggests that the coin will move in a range.


DOGE/USD Medium-term bias: Bearish
Dogecoin is drifting range-bound between the moving average lines on the 4-hour chart. As DOGE dropped below the 21-day line SMA, the price of the cryptocurrency was twice repulsed at the barrier of $0.09. Currently, the alternative currency is anticipated to drop even lower to a low of $0.0830.

4-hour Chart Indicators Reading
In the daily Stochastic, DOGE is trading above level 25, indicating bullish momentum. Recently, the bulls’ momentum has been sluggish. The price of the cryptocurrency will sway between the moving average lines.

General Outlook for Dogecoin
Dogecoin is currently trading above the $0.08 support as it struggles below $0.09. Since it continues to move in a range bound by the moving average lines, the price movement has stayed constant.


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