The Dogecoin price has been trading above the $0.17 support level but below the 21-day SMA.
Dogecoin price long-term prediction: bearish
Buyers have twice failed to push the price above the 21-day SMA. However, a break above this barrier would send the altcoin to the next hurdle, which is the 50-day SMA or the $0.22 high. Subsequently, positive momentum could build to a high of $0.26.
On the downside, if the bears manage to breach the $0.17 support, DOGE will drop to a low of $0.13. Later, the bearish momentum could extend as low as $0.10. Meanwhile, DOGE is falling and approaching the $0.17 support level. The altcoin is currently worth $0.166.
Technical indicators
- Major Resistance Levels: $0.45 and $0.50
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Major Support Levels: $0.30 and $0.25
Dogecoin indicator reading
The 21-day and 50-day SMAs are both trending downward. The 21-day SMA serves as the resistance line for the price bars. The horizontal moving averages are above the price bar, indicating a sideways trend on the 4-hour chart. The market is marked by Doji candlesticks, which cause price movement to remain static.
What is the next direction for Dogecoin?
DOGE price is in decline below the critical support at $0.17. The crypto asset is likely to descend steadily to the next support above $0.13. On the upside, if the bulls push the price above the $0.17 barrier, the altcoin will return to its range-bound movement above the $0.17 support.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.
Source: https://coinidol.com/dogecoin-falls-after-losing/
