DOGE Bounces Above $0.24 as It Reaches Bearish Exhaustion

Dogecoin (DOGE) Price Long-term Prediction: Bearish

The price of Dogecoin (DOGE) is bouncing below the moving average lines as it reaches bearish exhaustion. The 21-day SMA has repelled the upward advances. DOGE is falling in the direction of the $0.24 current support. If the bears break below the present support, the crypto will return to its low of $0.24.

DOGE will rise and continue to fluctuate below the moving average lines if the current support holds. The bullish trend will resume when buyers keep the price above the moving average lines. The altcoin will reach $0.43, its previous peak. In the meantime, the price movement has been modest due to the presence of Doji candlesticks.

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Technical indicators

Major Resistance Levels $0.45 and $0.50
Major Support Levels – $0.30 and $0.25

Dogecoin (DOGE) Indicator Reading 

The 21-day SMA is below the 50-day SMA, and the moving average lines are trending downward. On the 4-hour chart, however, the 50-day and 21-day SMAs are horizontal. This explains the previous week’s sideways trend.

What is the next direction for Dogecoin (DOGE)?

The price of DOGE is moving sideways between $0.24 and $0.28 as it reaches bearish exhaustion. The Doji candlesticks have limited the price movement. The resistance at $0.28 has twice stopped DOGE’s upward surge. The long candlestick wicks at the resistance zone imply strong selling pressure at the recent peak.

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