After rejecting the high of $0.17, the price of Dogecoin (DOGE) has continued to fall. Altcoin has hit a sequence of lower highs and lower lows since the downturn.
The following lows in a bearish pattern must be higher than the prior low. A reversal of the downtrend occurs when this pattern is broken. DOGE/USD was trading at $0.14, with the previous low being $0.12. On the negative, if the price falls below the prior low of $0.12, the decline will resume. If the present support level of $0.14 holds, the upswing will continue. As the price moves upward, there are bullish candlesticks above the existing support.
Readings on the Dogecoin indicator
For period 14 of the Relative Strength Index, DOGE is at 43. Dogecoin is currently trading in the negative territory, with the price falling. The price bars of the cryptocurrency has remained below the moving averages, implying a likely fall. The Altcoin is trading above the daily stochastic’s 25% area. This signifies that the market’s bullish trend has returned.
Major Resistance Levels – $0.80 and $0.85 (technical indicators)
$0.45 and $0.40 are the primary support levels.
Also Read – U.S. Inflation Spike made Bitcoin take a major hit
What will Dogecoin’s future look like?
Rejection of the high at $0.17, Dogecoin is negatively on the 4-hour chart. The price shows that the Altcoin has dropped and retested the 1.618 Fibonacci extension level. After breaking through this level, the bears pushed the cryptocurrency to its previous low. Meanwhile, a candlestick testing the 61.8 percent Fibonacci retracement level has been seen in the downtrend since February 8. The retracement indicates that DOGE will drop to the 1.618 Fibonacci extension level, or $0.14.
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— Dogecoin (@dogecoin) February 26, 2022
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