Dogecoin Encounters Significant Rejection At $0.09 Resistance Level

Jan 29, 2023 at 09:00 // Price
Coin Idol
Dogecoin price is approaching bullish exhaustion

Dogecoin (DOGE) price has failed three times at the $0.09 barrier. Long wicks at the recent high indicate strong selling pressure at higher price levels.

Dogecoin price long-term forecast: bullish

The cryptocurrency asset has bounced below the $0.09 resistance since January 14. The probability of further upside is low given the doji candlesticks. Candlesticks with small bodies indicate indecision between buyers and sellers. DOGE is currently hovering between $0.08 and $0.09. If sellers break the support at $0.08, the decline could resume. Initially, dogecoin will fall to a low of $0.07. At the time of publication, DOGE /USD is trading at $0.089 in the meantime.

Dogecoin indicator display

According to the Relative Strength Index for the period 14, Dogecoin is at level 60, showing that the cryptocurrency is in the positive trend line and is ready for further upward movement. The price rise is driven by shifting average lines located above the price bars. The daily stochastic DOGE has a bearish momentum and is below 80. The horizontal slope of the moving average lines indicates a sideways trend.

DOGEUSD(Daily Chart) - January 28.23.jpg

Technical indicators

Key resistance levels - $0.12 and $0.14

Key support levels - $0.06 and $0.04

What is the next direction for Dogecoin?

Dogecoin price is approaching bullish exhaustion and settling above $0.08 support. Due to the significant rejection of the recent high, the altcoin could fall. The downtrend will continue if the current support level is breached.

DOGEUSD(4 Hour Chart) - January 28.23.jpg

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 in funds.

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