Dogecoin (DOGE) is trading in the downtrend zone as the price falls below the moving averages. The cryptocurrency has fallen to a low of $21 as bulls have bought the dips.
As the bulls bought the dips, the market corrected higher but faced rejection at the high of $0.24. Dogecoin will rise and reach the previous highs of $0.30 and $0.34 as the price breaks the initial resistance and moving averages. Conversely, DOGE/USD will fall to $0.19 if the cryptocurrency falls and drops below the previous low.
The altcoin is at level 41 of the Relative Strength Index for the period 14. The cryptocurrency is still trading in the bearish trend zone. The altcoin is in a position to fall to the downside. Dogecoin is above 25% of the daily stochastic. This suggests that the market has resumed a bullish momentum.
Major Resistance Levels - $0.80 and $0.85
Major Support Levels - $0.45 and $0.40
DOGE/USD is in a downtrend as the price hit the low of $0.21 and retreated. The altcoin is falling as it faces rejection at $0.24. Meanwhile, the price started a downtrend on October 31. A retracement candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that DOGE will fall to the 1.618 Fibonacci Extension level or $0.21. From the price action, DOGE has tested 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.