DOGE Is Ranging at $0.060 Level

The Sellers’ momentum is increasing in Dogecoin market

DOGEUSD Price Analysis – October 24

When the sellers’ pressure increase, price may decrease to $0.55, the level may be broken downside and the support levels of $0.050 and $0.45 level may be reached.  In case the support level of $0.055 holds, Dogecoin may bounce up and face the resistance level at $0.060, which may extend to $0.066 and $0.072

DOGEUSD Market

Key levels:

Resistance levels: $0.060, $0.066, $0.072

Support levels: $0.055, $0.050, $0.45

DOGEUSD Long-term Trend: Bearish

Dogecoin is bearish in the daily chart. The resistance level of $0.066 was tested on 04 October. This is the second time of testing the level mentioned in order to complete cup with handle chart pattern formed. Sellers defended the resistance level of $0.066. The price declined accordingly. The former support level of $0.066 was penetrated and the price may reduce towards the support level of $0.055.

The fast Moving Average (9 periods) is below the slow Moving Average (21 periods EMA). The crypto is trading below the two EMAs as a sign of bearish movement. When the sellers’ pressure increase, price may decrease to $0.55, the level may be broken downside and the support levels of $0.050 and $0.45 level may be reached.  In case the support level of $0.055 holds, the price may bounce up and face the resistance level at $0.060, which may extend to $0.066 and $0.072. The relative strength index period 14 is at 44 levels bending down to indicate sell signal.

 DOGEUSD medium-term Trend: Ranging

DOGEUSD is ranging in the 4-hour chart. The Dogecoin tested the resistance level of $0.060 and falls suddenly. The support level of $0.060 is penetrated, moved towards the support level of $0.055. The sellers lose their momentum, the buyers too have low pressure. This is what led to ranging movement in the DOGE market.

The currency is hovering over the 21 periods EMA and 9 periods EMA and the two EMAs are interlocked to each other which indicates ranging market. The relative strength index period 14 is at 45 levels and the signal lines pointing down exhibiting sell signal.

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