The price of Dogecoin (DOGE) has fallen below the 21-day moving average line after being trapped between the two.
The bulls tried to hold the price above the 50-day moving average line but failed to do so. It is likely that DOGE will continue its move below the moving average lines.
DOGE price long-term prediction: bearish
On the downside, the bulls have halted the price slide above the $0.09 support and the altcoin has started a range-bound move above and below the moving average lines.
According to the price analysis by Coinidol.com, currently the selling pressure has eased. The price signal indicates a likely reversal above the $0.10 support. However, if the bears break the current support of $0.090, the market would fall to its previous low of $0.080.
Dogecoin price indicators reading
The moving average lines are sloping horizontally while the sideways trend continues. DOGE will fall if the price bars remain below the moving average lines. However, a break above the 21-day SMA will force the altcoin into an uptrend. But the price action is static due to the doji candlesticks.
Technical indicators
Major Resistance Levels $0.22 and $0.24
Major Support Levels – $0.14 and $0.12
What is the next direction for Dogecoin?
DOGE will continue its range-bound movement after retracing below the moving average lines. The cryptocurrency will trade above $0.090 but below the moving average lines or resistance at $0.11. The altcoin will resume its trend if the buyers keep the price above the moving average lines and the positive momentum is maintained.
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.
