The price of Dogecoin (DOGE) has fallen and is in the bearish trend zone. Price analysis by Coinidol.com.
Long-term forecast for the Dogecoin price: bearish
Selling pressure has eased and encountered bearish fatigue above the $0.114 support. The price of DOGE has dropped to a low of $0.114 and has been consolidating above it since June 18. Buyers have defended the current support for two weeks, which has not been breached since March 19.
On June 25, the altcoin rallied and tested the 21-day SMA or resistance at $.128 but was rejected. DOGE is trading below its previous high in anticipation of a positive trend.
If the altcoin rebounds, it is likely to rise above the moving average lines. The positive momentum will continue to the high of $0.18. DOGE is now worth $0.12.
Dogecoin indicator reading
The 21-day SMA is a resistance line that limits further price movement. Moreover, the altcoin is stabilizing above the $0.114 support but below the resistance at the 21-day SMA and the high of $0.128. The uptrend will resume once the price breaks above the two moving average lines.
Technical indicators
Key resistance levels – $0.22 and $0.24
Key support levels – $0.14 and $0.12
What is the next direction for Dogecoin?
Since June 18, DOGE has been moving sideways between $0.114 and $0.128. On June 25, the altcoin rallied and tested resistance at $0.128 before being beaten back. The price of the cryptocurrency has retested the resistance three times without result. Each time, the DOGE price falls below the moving average lines and continues to move within the range.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
