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Dogecoin Consolidates above $0.28 as Bulls and Bears Contemplates Next Move


coinidol.com 20 June 2021 10:50, UTC
Reading time: ~2 m

Dogecoin's (DOGE) price has continued to fall despite reaching the oversold region. On June 18, the market reached a low of $0.28.

Thereafter, the DOGE price corrected upward but was repelled at $0.2970. The implication is that the selling pressure will continue. The price will break the previous low and extend to a new low. 

Nonetheless, today the bears are testing a historical price level of May 23 and 29 which is above the $0.28 support. In this price action, DOGE price rose to the high of $0.44. In today’s price action, the market is testing and consolidating above the $0.28 support. The uptrend will resume if the current support holds. Dogecoin will as well decline to $0.21 low if the current support at $0.28 is breached. DOGE/USD is trading at $0.2876 at the time of writing.

Dogecoin indicator reading 

The crypto has fallen to level 39 of the Relative Strength Index period 14. It indicates that the crypto is approaching the oversold region. DOGE is below the 20% range of the daily stochastic. It indicates that the altcoin is now in the oversold region of the market. Buyers are likely to emerge as Dogecoin reaches bearish exhaustion.


Technical indicators:  

Major Resistance Levels – $0.80 and $0.85

Major Support Levels – $0.30 and $0.25

What is the next direction for Dogecoin?

Dogecoin has fallen and consolidated above a historical price level. Meanwhile, on June 4 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that the altcoin will fall to level 1.618 Fibonacci extension or level $0.3057. From the price action, the market has declined to $0.28 support


Disclaimer. This analysis and forecast are the personal opinions of the author that 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 funds.


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