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Dogecoin Holds above $0.06 as Bulls and Bears Struggle For Price Control


coinidol.com 03 July 2022 09:55, UTC
Reading time: ~2 m

Dogecoin (DOGE) is moving between the moving averages. It is above the 21-day line SMA but below the 50-day line SMA. The current price fluctuations will continue until the trends resume.

On June 26, the bulls broke the 21-day line SMA, but failed to break the 50-day line. The market would have rallied to $0.10 if the 50-day line SMA had been broken. DOGE is holding above the 21-day line SMA, while the bears are trying to break below it. On the downside, DOGE will fall and regain the previous low of $0.05 if the 21-day line SMA is broken. Meanwhile, DOGE/USD is trading at $0.06 at the time of writing. 

Dogecoin indicator reading

Dogecoin is at level 47 on the Relative Strength Index for period 14. The coin is in a downtrend due to the recent decline. The price of DOGE fluctuates between the moving average lines, indicating a possible movement within a range. The moving average lines are sloping south, indicating a downtrend. The altcoin is below the 80% range of the daily stochastic.

Technical indicators:  

Major Resistance Levels - $0.12 and $0.14

Major Support Levels - $0.06 and $0.04

What is the next direction for Dogecoin?

Since May 12, the downtrend has eased as Dogecoin resumed its upward correction. The upward correction was hindered as the cryptocurrency resumed its sideways movement. The price of DOGE is consolidating above the 21-day line SMA. A price increase will push the altcoin to reach the high of $0.10.

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 funds.


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