DOGE Drops as Traders Struggle Above $0.16

Dogecoin (DOGE) Price Long-term Prediction: Bearish

Dogecoin’s (DOGE) price falls as traders struggle above $0.16. The price above the $0.16 support has remained elusive for both bulls and bears since June 5. The altcoin has been trading below the moving average lines and above the $0.168 support for the last two weeks.

The bears are in control of the market as the altcoin declines. The initial drop in DOGE will be to $0.16. If the present support at $0.16 is broken, however, the bearish trend will continue to the low of $0.14. DOGE is now trading at a low of $0.167 as of this writing.

 

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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 crosses below the 50-day SMA, signaling a drop, and the moving average lines slope downward. A little body indecisive candlestick known as a Doji is used to describe the descent. These candlesticks have an impact on the price movement, slowing the downward trend.

What Is the Next Direction For Dogecoin (DOGE)?

DOGE is declining on the 4-hour chart as traders struggle above $0.16. The support level of $0.165 has been tested three times by the bearish momentum. Each time, the altcoin will retest the current support level at $0.165 and then pull back. The negative crypto signal will cause DOGE to keep declining.

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