DOGE Retreats as It Hovers Above the $0.12 Support

Dogecoin (DOGE) Price Long-term Prediction: Bullish

Dogecoin’s (DOGE) price has bounced back from its drop as it hovers above the $0.12 support. The altcoin was repulsed after rallying to a high of $0.132 on September 28. DOGE is now bullishly exhausted. In the previous rally, the market reached a high of $0.143 before being rejected. DOGE fell as low as $0.080 before rising again.

The cryptocurrency is now retreating in the direction of the moving average lines. The value of cryptocurrencies will increase when they are in the bullish trend zone. On the downside, if the altcoin retraces and remains above the moving average lines, the uptrend will restart. The altcoin will rise to meet its prior highs of $0.14 and $0.16.

However, if the bear’s breach occurs below the moving average lines, DOGE will return to its range. DOGE will trade above the $0.090 support level but below the moving averages.

Technical indicators

Major Resistance Levels – $0.12 and $0.14
Major Support Levels – $0.06 and $0.04

Dogecoin (DOGE) Indicator Reading 

The price bars are above the moving average lines and DOGE has risen to $0.132. The altcoin has retraced and it is hovering above the $0.12 support. On the 4-hour chart, the crypto’s price is between the moving average lines. DOGE may resume a sideways trend if it fails to breach the initial barrier.

What is the next direction for Dogecoin (DOGE)?

The 4-hour chart displays DOGE in an uptrend but hovers above the $0.12 support. DOGE is expected to start a range-bound move because it is trapped between the moving average lines. The bullish trend will restart if the price rises above the 21-day SMA. However, if DOGE loses its 50-day SMA support, it would fall even more.

The cryptocurrency signal is likely to vary if buyers fail to sustain the price above the $0.13 resistance.

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