Dogecoin Trades Marginally as It Is Unable to Sustain Above $0.0655

Updated:

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 (DOGE) price is in an upward correction but is unable to sustain above $0.0655. The coin is now trading marginally above the 21-day line SMA. The cryptocurrency is trading between the moving average lines. However, the price movement has been slow because of the presence of small body indecisive candlesticks. On the upside, if buyers break above the 50-day line SMA, the altcoin will rise to retest the $0.089 overhead resistance. On the downside, the range-bound move will continue between the moving average lines, if the moving average lines remain unbroken. The downtrend will resume if price breaks below the 21-day line SMA. DOGE will decline to the low of $0.05.

Dogecoin Trades Marginally as It Is Unable to Sustain Above $0.0655
DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The market is at level 48 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone as it resumes upward. The crypto’s price bars are between the moving average lines which indicate a sideways movement of the cryptocurrency.

DOGE/USD Medium-term bias: Bearish
On a weekly chart, the DOGE price is in a sideways move above the $0.05 support. Meanwhile, on a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement level on April 4. The retracement suggests that DOGE will fall to level 1.272 Fibonacci extension or level $0.05.

Dogecoin Trades Marginally as It Is Unable to Sustain Above $0.0655
DOGE/USD – Weekly Chart

Weekly Chart Indicators Reading
The cryptocurrency is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.


General Outlook for Dogecoin
DOGE has reached bearish exhaustion as it is unable to sustain above $0.0655. The altcoin is consolidating above the $0.05 support. The current upward correction is facing rejection at the recent high.


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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.