Dogecoin (DOGE) is in a downward correction as it trades just above the $0.060 support. Over the past five days, DOGE price has fluctuated between $0.061 and $0.064.
The price action was insignificant as an indecisive little doji candle formed. If buyers push the altcoin above the moving averages, DOGE price will reach a high of $0.08 and $0.09. On the other hand, if DOGE fails to reach the moving averages, Dogecoin will drop to the current support at $0.05. However, if the current support is broken, the downtrend will resume.
Dogecoin indicator readings
Dogecoin was in 42nd place on the Relative Strength Index for the 14th period. The RSI remained unchanged as the price moved little. Altcoins will continue to decline in the downtrend zone. The DOGE price bar is below the moving average, indicating further decline. The 21-day SMA and the 50-day SMA are sloping south, indicating a downtrend.
Major resistance levels – $0.12 and $0.14
Major Support Levels – $0.06 and $0.04
What is the next direction for Dogecoin?
Dogecoin has been bearish exhausted as the altcoin resumes an upward correction. The 21-day SMA has slowed the crypto’s further upward movement. DOGE will continue to move within the trading range until the price recovers or breaks out.
Disclaimer. This analysis and forecast only represents the author’s personal views, does not constitute a recommendation to buy or sell encryption, and should not be regarded as an endorsement by Coin Idol. Readers should do their own research before investing money.
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