• 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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Fresh lows for crypto markets in sight as recovery gains come undone

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Fresh lows for crypto markets in sight as recovery gains come undone

Bitcoin price faced an intense sell-off as it approached the recent weekly open, indicating that investors are looking to book profits. This downswing has caused Ethereum, Ripple and other altcoins to take a dip as well.

More Bitcoin News

This technical formation could push TRON’s TRX price to $0.016

This technical formation could push TRON’s TRX price to $0.016

TRON price shows that its coil up is coming to an end, suggesting that a breakout is on its way. However, investors need to know that rejection at immediate resistance barriers could trigger a correction and an eventual breakdown.

More Tron News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Three obstacles that may prevent XRP price from surging

Three obstacles that may prevent XRP price from surging

A brief technical and on-chain analysis on Ripple price. Here, FXStreet's analysts evaluate where XRP could be heading next.

More Ripple News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP