The price of Dogecoin (DOGE) has fallen below the moving average after two rejections at the $0.26 barrier.
Dogecoin price long-term prediction: bearish
DOGE has fallen from a high of $0.26 to a low of $0.19. Selling pressure is likely to continue until the price falls to $0.17.
However, if the $0.17 support is broken, the altcoin will fall to its previous low of more than $0.15. However, if the $0.17 support holds, DOGE will start to rise to retest or surpass the 50-day SMA barrier. The cryptocurrency will resume trading range-bound between the $0.17 support and the $0.26 barrier.
Now, DOGE is moving above the $0.19 support.
DOGE price indicators reading
The 21-day and 50-day moving average lines have been breached and DOGE has now fallen into the downtrend zone. The altcoin will continue to be under selling pressure as long as it remains in the downtrend zone. The 4-hour chart shows a downtrend at the moving average lines, with the 21-day SMA below the 50-day SMA.
Technical indicators
Resistance Levels $0.45 and $0.50
Support Levels – $0.30 and $0.25
What is the next direction for Dogecoin?
DOGE has entered the bearish trend zone. The cryptocurrency’s price has been fluctuating between the $0.21 support and the $0.25 barrier. The downward trend broke the $0.21 support and fell to a low of $0.19. The altcoin is bouncing above the $0.19 barrier in preparation for a further decline.
Coinidol.com reported on May 22, that the price of Dogecoin has resumed its uptrend after retracing above the $0.21 support or the 21-day SMA.
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.
Leave a Reply