Dogecoin (DOGE) Fluctuates Above $0.20 Support, a Decline to $0.16 Is Likely

Azeez Mustapha
30 September 2021 | Updated: 30 September 2021

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 has fallen to $0.20 after breaking the previous low at $0.21.Today, crypto is fluctuating above the $0.20 support. Before the recent price fall, the DOGE price broke below the $0.21 support, retested it before resuming the downtrend. Presently, the altcoin has been trading marginally. Meanwhile, on September 7 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extension or level $0.14.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price has a bearish crossover. The 21-day SMA crosses below the 50-day SMA. This indicates a sell signal. The altcoin has fallen to level 36 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and it is approaching the oversold region. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is falling on the downside, the price action is characterized by small body candlesticks called Doji. The Doji candlesticks are consolidating above the $0.20 support. . Meanwhile, on September 7 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extension or level $0.14.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA is acting as resistance to DOGE price. DOGE is above the 70% range of the daily stochastic. It indicates that the coin is in a bullish momentum. This is contrary to the bearish trend. DOGE’s price is below the 21-day SMA and 50-day SMAs which suggests a further downward move.

General Outlook for Dogecoin
Dogecoin is likely to continue falling as the crypto trades in the bearish trend zone. Presently, the altcoin is retesting the $0.20 support which is the historical price level of August. A break below $0.20 support will cause the altcoin to decline to $0.16.

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Azeez Mustapha

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.