Dogecoin Hovers Above $0.063 as Buyers Attempt to Revisit the $0.08 High

Dogecoin (DOGE) price is in a downtrend as the market hits a low of $0.063. The cryptocurrency has fallen and is retesting the previous price levels from July 12 and July 28. On the downside, the bulls have defended the current support since June 30.

However, if the bears break below the current support, the market will fall to a low of $0.05. On the upside, if the current support holds, Dogecoin will be forced to move between $0.063 and $0.077. In the meantime, Dogecoin is hovering above the $0.063 support.

Dogecoin indicator reading

Dogecoin is at level 40 of the Relative Strength Index for the period 14. DOGE is in the downtrend zone and could continue to fall. The price of the cryptocurrency is below the 50-day line SMA and the 21-day line SMA, which indicates a further decline. Dogecoin is below the 40% range of the daily stochastic. This indicates that the market is in a bearish momentum. The 50-day line SMA and the 21-day line SMA are sloping south, indicating a downtrend.

Technical indicators:  

Major Resistance Levels — $0.08 and $0.10

Major Support Levels — $0.07 and $0.05

What is the next direction for Dogecoin?

DOGE/USD resumed its downtrend after the price dropped below the moving average lines. The Fibonacci tool indicates a further decline in the price. On the weekly chart, a candlestick has tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that UNI will fall to the 1.272 Fibonacci extension level or the $0.05 level.

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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