DOGE Is Under Bears’ Pressure

The sellers’ momentum is increasing in the DOGE market

DOGEUSD Price Analysis – 13 November

In case the sellers’ pressure increases, the price may decrease to $0.07, the level may be broken downside and the support levels of $0.06 and $0.05 may be reached.  Should the support level of $0.07 holds, DOGE may bounce up and face the resistance level at $0.09, which may extend to $0.11 and $0.14.

DOGEUSD Market

Key levels:

Resistance levels: $0.09, $0.11, $0.14

Support levels: $0.07, $0.06, $0.05

DOGEUSD Long-term Trend: Bearish

DOGEUSD is bearish in the daily chart. Twelve days ago, the coin was on a bullish trend. The bullish trend started on 26 October at the support level of $0.06. The bulls’ momentum was strong enough to break up the $0.09 and $0.11 resistance levels. The high of $0.14 resistance level was tested. Sellers defended the just mentioned level by the production of strong bearish candles. The price declines and retested the support level of $0.07.

The fast Moving Average (9-periods) is crossing the slow Moving Average (21-periods EMA) downside to confirm the bearish trend. The crypto is trading below the two EMAs as a sign of a bearish movement. In case the sellers’ pressure increases, the price may decrease to $0.07, the level may be broken downside and the support levels of $0.06 and $0.05 may be reached.  Should the support level of $0.07 holds, the price may bounce up and face the resistance level at $0.09, which may extend to $0.11 and $0.14. The relative strength index period 14 is at 47 levels bending down to indicate a sell signal.

 DOGEUSD medium-term Trend: Bearish

DOGEUSD is bearish in the 4-hour chart. Sellers gained enough momentum to defend the resistance level of $0.014. The bears push down Dogecoin and it decreased toward the low of $0.07, it is pulling back to retest the resistance level of $0.08. More pressure from the sellers may push the price below the $0.07 level.

The currency is trading around the 21-period EMA and 9-periods EMA and the two EMAs are close to each other which indicates a low bullish market. The relative strength index period 14 is at 44 levels and the signal lines pointing down exhibit a sell signal.

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