- DOGE/USD extends corrective pullback from 200-bar SMA.
- RSI recovery from oversold area backs the latest run-up.
- The downward sloping trend line from February 07 keeps sellers hopeful.
DOGE/USD holds on to the previous bounce-off key SMA while picking up bids near 0.0480 during early Wednesday. The altcoin recently picked up bids as RSI bounces off oversold territory.
While the recovery moves eye a fortnight-old resistance line, currently around 0.0555, further upside needs to overcome bearish MACD before challenging the previous week’s top near 0.0660.
In a case where Dogecoin bulls remain dominant past-0.0660, the double tops near the monthly high of 0.0880 will be the key to watch.
Alternatively, a downside break of 200-bar SMA level of 0.0447 will recall the sub-0.0300 area while targeting the late-January swing lows near 0.0220.
Overall, DOGE/USD consolidates the gains with intermediate bounces off key support.
DOGE/USD four-hour chart
Trend: Further weakness expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.