Dogecoin Consolidates Above $0.18 as Bulls and Bears Show Indifference about Market Direction

virtual cryptocurrency concept golden dogecoin laptop touchpad closeup high quality photo scaled

Dogecoin’s (DOGE) bullishness is running into rejection at the $0.21 resistance level. Since July 21, the bulls have repeatedly tested the resistance to break it. Each time there is a rejection, the crypto would fall to the $0.18 support.

Currently, the altcoin is trading in a range between $0.18 and $0.21. The cryptocurrency is trading marginally as there are small indecisive candles called Doji and Spinning tops.

These candlesticks indicate that buyers and sellers are indecisive about the direction of the market. If buyers push the altcoin above the $0.21 high, the market will rise to $0.26 or $0.35. On the other hand, if the bulls fail to break the recent high, the market will decline and break the support at $0.18. This will cause the altcoin to fall to a low of $0.15.

Dogecoin indicator reading

Dogecoin breaks out above the 21-day line SMA but is rejected by the 50-day line SMA. A break above the 21-day and the 50-day line SMA will catapult the cryptocurrency into the uptrend zone. Dogecoin is at level 53 on the Relative Strength Index for period 14, indicating that it is in the uptrend zone and above the 50 midline. Also, DOGE is above the 80% area of the daily stochastic.

DOGE_-_COINIDOL_(5).png

Technical indicators:

Major Resistance Levels – $0.80 and $0.85

Major Support Levels – $0.30 and $0.25

What is the next direction for Dogecoin?

DOGE/USD is capable of rising if the current resistance is broken. Meanwhile, on July 21 uptrend, a retraced candlestick body tested the 50% Fibonacci retracement level. The retracement suggests that DOGE will rise to the level of 2.0 Fibonacci extension or to the level of $0.26. The price action shows that the market is being rejected from the high at $0.21.

DOGE_-_COINIDOL_2_chart_(5).png

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.

Ronnie Huss

Ronnie Huss

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