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The latest price analysis by Coinidol.com report, the price of Dogecoin (DOGE) is drifting sideways but is trapped between the moving average lines.
Dogecoin price long term forecast: bearish
The price of the cryptocurrency is fluctuating between $0.30 and $0.40. On the downside, the negative momentum has been halted by the 21-day SMA. DOGE will fall to a low of $0.30 if the 21-day SMA support is broken. The bearish momentum will continue to the low of $0.26.
On the upside, DOGE will rise if the 21-day SMA holds support. A break above the 50-day SMA or resistance at $0.40 will indicate the return of an uptrend. DOGE will rise to its previous high of $0.48. DOGE will remain contained if the 21-day SMA support and 50-day SMA resistance remain intact.
Dogecoin indicator display
The price bars are located between the moving average lines. The bears are on the verge of breaking through the 21-day SMA support. The moving average lines are trending downwards, indicating a bearish crossover. DOGE price will remain steady as it is capped between the moving average lines.
Technical indicators
Key resistance levels $0.45 and $0.50
Key support levels – $0.30 and $0.25
What's next for Dogecoin?
On the 4-hour chart, DOGE is dropping below the moving average lines. The cryptocurrency fell to a low of $0.324 before recovering. The altcoin is trading above the $0.30 support but below the $0.40 resistance. The price has stabilized above the $0.32 support level, indicating a break in the selling pressure.
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.