The price of Dogecoin (DOGE) is moving in a range but remains below the moving average lines.
Long-term forecast for the Dogecoin price: bearish
The altcoin had previously fallen to a low of $0.128 before the bulls bought the dips. Selling pressure has eased as bulls have halted the decline above the $0.14 support level and resumed consolidation. DOGE is trading above the $0.14 support but below the moving average lines.
Once DOGE breaks above the moving average lines or the $0.18 level, the uptrend will resume. The altcoin is currently trading at $0.158. In the meantime, DOGE continues its price action above the current support at $0.14 and resistance at $0.18.
Dogecoin indicator reading
DOGE price bars are dominated by Doji candlesticks located above the horizontal moving average lines on the 4-hour chart. The horizontal moving average lines represent the sideways trend. Doji candlesticks indicate that traders are uncertain in which direction the DOGE price will move.
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 has ended its slide after finding support at $0.14. DOGE has been trading in a tight range since April 13, fluctuating above $0.14 and encountering resistance at $0.18. The presence of doji candlesticks has kept the price movement stable.
On April 16, Coinidol.com reported that DOGE was rejected at the $0.20 resistance and fell below the 21-day SMA.
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 their research before investing in funds.
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