DOGEUSD Price Analysis – October 23
An increase in the bulls’ momentum will make the price to break above the resistance level of $0.27; above it are $0.42 and $0.57 resistance levels. Should the $0.27 resistance level holds, the price may reverse and face the support level at $0.14, further increase in the bears’ pressure may push down the price to $0.054 and $0.010. The relative strength index period 14 is bending up at 50 levels to indicate buy signal.
DOGEUSD Market
Key levels:
Resistance levels: $0.27, $0.42, $0.57
Support levels: $0.14, $0.054, $0.010
DOGEUSD Long-term Trend: Ranging
DOGEUSD is ranging at the moment on the daily chart. The coin has been range-bound within the resistance level of $0.27 and support level of $0.14 for more than two weeks. The bulls made attempts four times to break up the resistance level of $0.27 but unable to break up the significant level. The bulls’ momentum is not enough to break up the resistance levels of $0.27. The same applies to the bears and could not break down the support level of $0.14.
There is low volatility in the Dogecoin market. The price is trading around the 9 periods Moving Average and 21 periods Moving Average indicating a consolidation market. An increase in the bulls’ momentum will make the price to break above the resistance level of $0.27; above it are $0.42 and $0.57 resistance levels. Should the $0.27 resistance level holds, the price may reverse and face the support level at $0.14, further increase in the bears’ pressure may push down the price to $0.054 and $0.010. The relative strength index period 14 is bending up at 50 levels to indicate buy signal.
DOGEUSD medium-term Trend: Ranging
DOGEUSD is ranging in the 4-hour chart. The price action tested the resistance level of $0.27 on October 06 and October 18. The bulls’ pressure is low and could not break up the resistance level of $0.27. The price retraced towards the support level at $0.14. The bearish pressure is equally low and could not break down the level. This is what leads to ranging movement within $0.27 and $0.14 levels.
The two EMAs are interlocked to each other and the price hovering around the two. The relative strength index period 14 is at 50 levels and the signal lines is exhibiting buy signal.
