The price of Dogecoin (DOGE) fell to a mandatory minimum before rising again. The cryptocurrency tested the 1.618 Fibonacci extension to reach the low of $0.073.
Long-term forecast for the Dogecoin price: bearish
DOGE recovered but remained stuck at the resistance level of $0.085. The upside correction could extend to the high of $0.095 or higher if the initial resistance had been broken. The coin is currently losing value as it was rejected at its previous high. DOGE is currently trading at $0.081. If the bearish momentum continues, the market will drop to a low of $0.070.
Dogecoin indicator reading
DOGE will continue to fall as long as the price bars are below the moving average lines. The altcoin is about to fall to $0.070. The downward sloping moving average lines indicate the downtrend. Doji candlesticks, which limit the price movement, dominate the price action in cryptocurrencies.
Technical indicators
Key resistance levels – $0.12 and $0.14
Key support levels – $0.06 and $0.04
What’s next for Dogecoin?
After its last decline on January 3, Dogecoin is still bearish. The cryptocurrency has stabilized above the support level of $0.082 since January 3. Today, as the cryptocurrency resumes selling pressure, the bears have undercut the existing support. DODE is expected to hit a low of $0.070 if the negative momentum continues.
According to the previous report by Coinidol.com, DOGE could fall to the Fibonacci extension of $1.618 or the low of $0.075.Â
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 CoinIdol.com. Readers should do the research before investing in funds.
