DOGE Bounces Back but Encounters the $0.16 Barrier

Dogecoin (DOGE) Price Long-term Prediction: Bearish

Dogecoin (DOGE) is above the $0.14 support but encounters the $0.16 barrier. DOGE’s price will rise as it retests the 21-day SMA. On the plus side, the cryptocurrency asset will increase if buyers push the price above the 21-day and 50-day SMA barriers. DOGE will rise to the first resistance at $0.20. On the other hand, DOGE will return to its range above the $0.14 support if it declines from the 21-day moving average line.

The downturn will resume if the bears break through the $0.14 support. The price forecast indicates that DOGE will drop by a low of $0.048 or 2.0 Fibonacci extension. The current value of DOGE is $0.158.

Dogecoin (DOGE) Indicator Reading 

The chart’s moving average lines have substantially dropped to the bottom. The moving average lines are above the price bars. The bull desires to maintain the price above the 21-day SMA. When the price crosses above the moving average lines, the trend will shift.

What is the next direction for Dogecoin (DOGE)?

DOGE’s drop has persisted above the $0.14 support but encounters the $0.16 barrier. On the daily chart, DOGE will decline when the $0.14 support is broken. However, when the altcoin breaks above the 21-day SMA, it will start to rebound. The bullish trend will resume to the upside. In the meantime, DOGE has a bearish signal.

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