DOGE Price Consolidates at $0.060, TAMA a Real Game Changer

Original author: Azeez Mustapha

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The bulls’ momentum is decreasing DOGE market

DOGEUSD Price Analysis – August 15

Should the $0.060 support level holds, DOGE may reverse and face the resistance level at $0.066, further increase in the buyers’ pressure may push up the price to $0.072 and $0.078.

DOGEUSD Market

Key levels:

Resistance levels: $0.066, $0.072, $0.078

Support levels: $0.060, $0.055, $0.050

 

DOGEUSD Long-term Trend: Bearish

DOGEUSD is bearish in the daily chart. Dogecoin reached the resistance level of $0.087 on August 16. The bears opposed further price increase; daily bearish candles formed and the price fall towards the support level of $0.066. The bears’ pressure increased and price broke down the support level at $0.066. The price decreases to $0.060. At the moment, the price is trying to break down the support level at $0.060.

The fast Moving Average (9 periods) has crossed the slow Moving Average (21 periods EMA) downside and the price is trading below the two EMAs as a sign of bearish movement. Further increase in the sellers’ momentum will make the price to break below the support level of $0.069; below it are $0.055 and $0.050 support levels. Should the $0.060 support level holds, the price may reverse and face the resistance level at $0.066, further increase in the buyers’ pressure may push up the price to $0.072 and $0.078. The relative strength index period 14 is at 39 levels bending down to indicate sell signal.

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 DOGEUSD medium-term Trend: Bearish, TAMA a Real Game Changer

DOGEUSD is bearish in the 4-hour chart. The price tested the support level of $0.066 on the August 19. A strong bearish candle formed at the same level which triggered the bearish momentum. The price decreases towards the $0.060 price level. The price is consolidating around the mentioned level at the moment.

The currency is trading around the 21 periods EMA and 9 periods EMA and the two EMAs are locked to each other which indicates ranging market. The relative strength index period 14 is at 44 levels and the signal lines pointing down exhibiting sell signal.

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