The price of Dogecoin (DOGE) has fallen and is currently trading above the $0.205 support.
DOGE price long-term prediction: bearish
The price held above the 50-day SMA on the weekly chart but then fell below the moving average lines. In the last 48 hours, DOGE has maintained its position above $0.20.Â
However, the price indicator predicts that the cryptocurrency will continue to fall and drop to the low of $0.048 or the 2.0 Fibonacci extension. If the price falls below the $0.205 support or the 50-day SMA, the selling pressure will return.
DOGE indicator readingÂ
The 50-day SMA support has not yet been broken by DOGE prices. After the breakout, selling pressure is expected to increase again. The price bars are located between the moving average lines and as long as the price moves between these lines, the trend will continue within the trading range.
Technical indicators
Major Resistance Levels $0.45 and $0.50
Major Support Levels – $0.30 and $0.25
What is the next direction for Dogecoin?
On the weekly chart, DOGE continues to trade between the moving average lines.
DOGE is range bound between the $0.18 and $0.24 price levels on the 4-hour chart. The moving average lines have been impeding the upward trend. When it declines from the moving average lines, the selling pressure will return.
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.
