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

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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
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.

Dogecoin Trades Marginally Above $0.06 as It Battles the $0.078 High
DOGE/USD – Daily Chart

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.

Dogecoin Trades Marginally Above $0.06 as It Battles the $0.078 High
DOGE/USD – 4 Hour Chart

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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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.