Dogecoin (DOGE) price has dropped drastically and has reached the oversold area of the market.
Dogecoin price long term forecast: bearish
The value of the cryptocurrency fell to $0.053 today before rebounding. The current support level at $0.064 was breached by the downward momentum. Since March 9, the current support at $0.064 has been maintained. Dogecoin is now trading and fluctuating above the support level of $0.060. There is a possibility that prices will continue to fall. The current slide has exceeded the historically low price level of $0.056, but the bulls have bought the dips. If the bulls are unable to hold the current support at $0.060, DOGE will continue to fall and test the previous lows of $0.056 and $0.053.
Dogecoin indicator display
The Relative Strength Index for period 14 has DOGE at level 29. The oversold area of the market is where the altcoin is trading now. It is conceivable that the selling pressure is easing. When the price bars fall below the moving average lines, the value of the crypto asset drops rapidly. Below level 50, Dogecoin experiences bearish momentum. When the current support is broken, the decline starts all over again.
Technical Indicators
Key resistance levels – $0.12 and $0.14
Key support levels – $0.06 and $0.04
What is the next direction for Dogecoin?
DOGE/USD is on a downward slide. The bears broke through the current support levels of $0.065 and $0.060 before pulling back. Expecting an uptrend, DOGE is currently retreating above the $0.060 support level. Selling pressure will increase once the bears break the existing support.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing in funds.
