Dogecoin Holds above $0.16 Historical Price Level, Resumes Upward

Dogecoin (DOGE) has held above $0.16 after its December 4 plunge. Today, buyers are pushing the cryptocurrency back up after the normal fluctuations. Currently, Dogecoin is trading above its historical price level of $0.16 from July 20.

Since July 20, the current support has not been breached. However, if the current support is breached, the market will fall to a low of $0.13. Nevertheless, there is a tendency for the cryptocurrency to move up. If the altcoin rises above the current support, the market will go up to $0.20. If the uptrend goes beyond $0.24, Dogecoin will overcome the downward correction. Meanwhile, DOGE/USD is trading at $0.1625 at the time of writing.

Dogecoin indicator reading

DOGE/USD is at level 29 of the Relative Strength Index for the period 14. The market is now in the oversold region. The selling pressure issue will soon reach bearish exhaustion. The daily stochastic is below the 50% area of. The market is in a bearish momentum.

Technical indicators:  

Major Resistance Levels - $0.80 and $0.85

Major Support Levels - $0.45 and $0.40

What is the next direction for Dogecoin?

Dogecoin is still in a downtrend as it has reached bearish exhaustion. Meanwhile, on November 28, the downtrend tested the 78.6% Fibonacci retracement level. The retracement suggests that DOGE will fall to the Fibonacci extension level of 1.272 or $0.1652. The price action shows that the market is hovering above the Fibonacci extension.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.