Dogecoin Stays Above $0.24, But Risks A Decline

The price of Dogecoin ($DOGE) has held steady above the $0.24 support since rebounding on February 3.

Dogecoin price long-term forecast: bearish

The altcoin has been trading above the $0.24 support but below the moving average lines for the past two weeks. The negative trend has stopped above the $0.24 support to the downside.

However, if $DOGE loses the current support at $0.24, it will fall to the previous low of $0.20. The uptrend will start when the price breaks above the 21-day SMA. The price will resume its uptrend once it crosses above the 50-day SMA. The bullish momentum will continue to the 50-day SMA barrier.

Dogecoin will return to its high of $0.43. At the time of writing, $DOGE is trading at $0.2439, according to Coinidol.com.

Dogecoin indicator reading

The decline has stopped above the $0.24 support, but the price bars are still below the moving average lines. The horizontal moving average lines indicate that $DOGE is trending sideways. Doji candlesticks, which determine the price action, ensure that the altcoin is in a trading 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?

$DOGE is trading above support at $0.24 but below resistance at $0.28. The altcoin is fluctuating below and above the moving average lines.

Today, the price bars are below the moving average lines. The uptrend is hindered by the 21-day SMA barrier.

Meanwhile, the altcoin has continued its consolidation below the moving average lines.

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