Dogecoin Trades Marginally Above $0.06 as It Battles the $0.078 High

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 battles the $0.078 high. Since June 26, DOGE/USD has been trading between the moving average lines. It is above the 21-day line SMA but below the 50-day line SMA. On the upside, if the bulls break above the 50-day line SMA, DOGE will rally to $0.10 or $0.12 high. On the downside, the DOGE will fall and revisit the previous low of $0.05 if the 21-day line SMA is breached. In the meantime, DOGE/USD is trading at $0.06 and it is confined between the moving average lines.

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Daily Chart Indicators Reading:
Dogecoin is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. DOGE price bars are above the 21-day line SMA but below the 50-day line SMA indicating a range-bound move. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

DOGE/USD Medium-term bias: Ranging
On the 4– hour chart, the DOGE price is in a range-bound move. The altcoin is fluctuating between levels of $0.0650 and $0.0750. The price action is characterized by small body indecisive candlesticks called Doji. The candlesticks are indicating that buyers and sellers are undecided about the direction of the market.

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4-hour Chart Indicators Reading
The altcoin is above the 25% range of the daily stochastic. It is in a bullish momentum. The 21-day line and 50-day line moving averages are sloping horizontally indicating the sideways trend.

General Outlook for Dogecoin
Dogecoin is in a downward correction as it battles the $0.078 high. The coin will trend when the moving average lines are breached.


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