DOGE Struggles To Sustain Upside Bias Beyond the $0.050 Confluence Zone

DOGE Struggles To Sustain Upside Bias Beyond the $0.050 Confluence Zone

DOGEUSD Price Analysis – February 24

The ‘Meme Coin’, Dogecoin (DOGE) price rebounded from the recent dip to $0.0408 in the prior day. Despite the recovery, DOGE is not out of the woods yet, especially with technical and on-chain barriers insight. At press time, DOGE is sitting at $0.0536 on the Binance exchange, the TradingView chart shows.

Key Levels
Resistance Levels: $0.0818, $0.0728, $0.0657
Support Levels: $0.0408, $0.0350, $0.0280
DOGEUSD Long term Trend: Ranging
Dogecoin is currently struggling to gather momentum in the $0.050 confluence region despite an uptick past the recent low around the $0.0408 level. A psychological level of support remains around $0.035 low level, but if that breaks with a daily candle close below, it will likely slump back to its previous low level of support around $0.028.

The DOGEUSD pair, however, can enjoy a period of bullish momentum, if it could target the $0.06 level of resistance before potentially looking towards $0.0728 and beyond. If DOGE suffers a breakdown in price below $0.50, it will likely suffer a worse fate as it would confirm a downtrend with lower highs and lower lows.
DOGEUSD Short term Trend: Ranging
The 4-hour chart shows DOGE trading within the confines of ascending trendline support. A recent bounce above the near-term horizontal barrier at $0.05 adds credence to the ranging outlook. However for the upside to gain traction, DOGEUSD bulls must hold above this critical level to avoid declines likely to push Dogecoin back to $0.04.

It’s important to note that a break under the ascending trendline support may renew the breakdown to $0.04. On the other hand, losses below the moving average 13 could trigger massive losses, perhaps strong enough to slice through the trendline’s lower edge and extend the bearish leg to $0.035.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.