Dogecoin (DOGE) price has fallen below the moving average lines. The altcoin fell as low as $0.26 before recovering.
Dogecoin price long term forecast: bearish
The cryptocurrency is consolidating above the $0.30 support but below the 50-day SMA. The altcoin attempted an upside correction but was rejected twice by the $0.35 barrier. If the buyers sustain the price above the 21-day SMA, the altcoin will regain its previous high of $0.45. The altcoin slips after a rejection at a high of $0.35. On the downside, DOGE could retest the previous low of $0.26. However, if the bears break the $0.26 support, DOGE will fall to a low of $0.15. DOGE is now worth $0.33.
Dogecoin indicator display
The price bars are below the 50-day SMA, indicating a further decline in the cryptocurrency. Since December 19, DOGE has bounced below the 50-day SMA while remaining above the $0.30 support. DOGE is trapped between the moving average lines on the 4-hour chart, forcing it to trade in a range.
Technical indicators
Key resistance levels $0.45 and $0.50
Key support levels – $0.30 and $0.25
What is the next direction for Dogecoin?
The DOGE price is moving sideways as traders are unsure which direction the market will take. The appearance of doji candlesticks shows the traders’ attitude towards the market direction. DOGE is trading in a range as the 50-day SMA rejects it.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
