Dogecoin (DOGE) has been trading in a sideways pattern since the price drop on December 20. The cryptocurrency has been trading above the $0.30 support and below the $0.34 resistance or the 21-day SMA.
Dogecoin price long-term prediction: bearish
DOGE is now rising but is encountering resistance at the 21-day SMA. The altcoin will return to its positive trend once its price breaks above the moving average lines. The uptrend will continue to a high of $0.45.
However, if it is rejected at the 21-day SMA, the sideways trend will continue. However, selling pressure will set in if the bears break through the current support level at $0.30. The market will then fall to a low of $0.26. In the meantime, the altcoin is trading at $0.38.
DOGE indicator reading
On the 4-hour chart, the price range is confined to a narrow range and the price bars are consolidating above the $0.30 support but below the moving average lines. The 21-day SMA is the resistance line of the price bars, and the moving average lines have a bearish crossover when the 21-day SMA falls below the 50-day SMA.
Technical indicators
Key Resistance Levels $0.45 and $0.50
Key Support Levels – $0.30 and $0.25
What is the next direction for Dogecoin?
The 4-hour chart of DOGE shows a small range between the support at $0.30 and the resistance at $0.34. The price bars are below and above the horizontal moving average lines. The price bar has broken above the moving average lines.
However, the upward movement is being held back by the resistance at $0.34. The trading range will continue for a few more days until the trend is determined.
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.
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