The price of Dogecoin (DOGE) has fallen below the $0.45 level. Since November 12, buyers have failed to sustain the price above the $0.45 level.
Dogecoin price long term prediction: bullish
According to Fibonacci analysis, DOGE is likely to rise to a high of $0.50 before reversing at the 1.272 Fibonacci extension or the $0.50 high. Today, DOGE was pushed back and quickly fell to a low above the 21-day SMA. The sideways movement above the 21-day SMA support and below the resistance at $0.45 will continue if the 21-day SMA support holds. The price indicator suggests that the cryptocurrency could rise in value.
However, a break below the 21-day SMA indicates a continuation of selling pressure. DOGE will fall above its 50-day SMA. DOGE is now worth $0.40.
Dogecoin indicator reading
DOGE is in a downtrend towards the 21-day SMA, which serves as a support line. The 21-day SMA and the 50-day SMA are moving upwards above the moving average lines despite the recent price drop. On the 4-hour chart, the crypto price has fallen below the moving average lines, indicating a downturn.
Technical indicators
Resistance Levels $0.45 and $0.50
Support Levels – $0.30 and $0.25
What’s next for Dogecoin?
On the 4-hour chart, DOGE remains in a sideways trend. The price of the cryptocurrency is trading above the $0.35 support but below the $0.45 resistance level. DOGE has fallen below the moving average lines as it continues to fall towards the lower price area. Selling pressure will stop if the $0.35 support level holds.
Disclaimer. This analysis and forecast are the personal opinions of the author, 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.
