Dogecoin Faces Rejection At $0.082 As It Drops Again

Dogecoin (DOGE) price is falling as it crosses below the moving average lines. The DOGE value has fallen to a low of $0.079.

Dogecoin price long term forecast: bearish

The altcoin is currently testing its recent low of $0.078. This will be the third test of the current support, which has held since January 18 despite the previous low. Nonetheless, selling pressure will intensify to a low of $0.070 if the current support is broken. On the other hand, if the current support holds, the altcoin will be forced to move within a range. The price of DOGE will fluctuate between $0.078 and $0.090. Nonetheless, the current decline has reached bearish fatigue. At the time of writing, the price of DOGE in US dollars is $0.081.

Dogecoin indicator display

For the period 14, the relative strength index of the cryptocurrency asset has fallen to the value 42. The altcoin is in a bearish trend zone and could fall further. The cryptocurrency’s price bars are below the moving average lines, which indicates a further decline. The moving average lines are horizontally flat due to the sideways trend.

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?

As it continues to float above the $0.078 support, Dogecoin is in a downtrend. Bullish candlesticks above the current support level indicate a likely uptrend for the cryptocurrency asset. Bulls have bought the decline in the lower time frame, as evidenced by the extended tail.

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 Coin Idol. Readers should do their own research before investing in funds.

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