Dogecoin (DOGE) – Recent recovery faltered in the vicinity of the 23.6% Fibonacci retracement level

Dogecoin (DOGE) – Recent recovery faltered in the vicinity of the 23.6% Fibonacci retracement level

Dogecoin (DOGE) shifted to the sidelines, after the mid-June recovery faltered in the vicinity of the 23.6% Fibonacci retracement level of the April-June freefall, and the price has since been tiptoeing across the 20-day exponential moving average.

The negatively aligned exponential moving averages are endorsing the medium-term negative outlook, while the oscillators are suggesting that the bearish momentum has jump started, as both the IMI and the RSI slipped back to the negative waters. Additionally, the TSI halted its ascent just below zero and appears to be setting the stage for a new negative round.

In order to revive the broad descent sellers will need to drive the price below the late June intraday low of 0.062. such a move will bolster negative impetus, triggering an instant test of the June 18^th low of 0.049. Any violation at this point will see the sell-off accelerating towards the 161.8% Fibonacci extension level of the recent positive corrective wave at 0.030.

Alternatively, if sellers fail to overwhelm the 0.062 level, re-emerging upside impetus could face initial constraints near the 55-day exponential moving average and the adjacent 23.6% Fibonacci level at 0.080. Another leg higher could initially pause in the region encompassing the 38.2% Fibonacci level at 0.099 and the May 13^th intraday high. However, if buying interest endures and overpowers these barricades, the bulls may then propel to the 50.0% Fibonacci level at 0.114.

Summarizing, Dogecoin is sustaining a neutral-to-bearish tone below the exponential moving averages and the 23.6% Fibonacci level of the broad downtrend. A dive in the price below 0.062 will empower negative tendencies.