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Dogecoin ($DOGE) price has fallen below the moving average lines. The altcoin fell as low as $0.26 before recovering.
Dogecoin price long term forecast: bearish
The cryptocurrency is consolidating above the $0.30 support but below the 50-day SMA. The altcoin attempted an upside correction but was rejected twice by the $0.35 barrier. If the buyers sustain the price above the 21-day SMA, the altcoin will regain its previous high of $0.45. The altcoin slips after a rejection at a high of $0.35. On the downside, $DOGE could retest the previous low of $0.26. However, if the bears break the $0.26 support, $DOGE will fall to a low of $0.15. $DOGE is now worth $0.33.
Dogecoin indicator display
The price bars are below the 50-day SMA, indicating a further decline in the cryptocurrency. Since December 19, $DOGE has bounced below the 50-day SMA while remaining above the $0.30 support. $DOGE is trapped between the moving average lines on the 4-hour chart, forcing it to trade in a range.
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 $DOGE price is moving sideways as traders are unsure which direction the market will take. The appearance of doji candlesticks shows the traders' attitude towards the market direction. $DOGE is trading in a range as the 50-day SMA rejects it.
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.