Dogecoin (DOGE) Price Long-term Prediction: Bearish
Dogecoin’s (DOGE) price has broken through its current support at $0.114 due to a lack of demand above $0.15. Since June 18, DOGE has traded between $0.114 and below the 21-day SMA, or resistance at $0.128. The cryptocurrency asset has fallen as buyers fail to keep the price above the moving average lines.
Today, the altcoin fell to a low of $0.09, but bulls bought the dips and held the price above $0.10. On the May 1 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The correction predicts that DOGE/USD will decline but reverse at the 1.272 Fibonacci extension, or $0.09. In the meanwhile, DOGE is currently worth $0.10.
Technical indicators
Major Resistance Levels – $0.12 and $0.14
Major Support Levels – $0.06 and $0.04
Dogecoin (DOGE) Indicator Reading
Today, the DOGE price fell rapidly then recovered, leaving a long candlestick tail. The extended candlestick tail shows significant buying pressure at the $0.09 support level. The moving average lines are falling, with a bearish crossover. DOGE’s bearish signal has subsided above the $0.10 support.
What is the next direction for Dogecoin (DOGE)?
On the 4-hour chart, DOGE has fallen to a low of $0.091 due to a lack of demand above $0.15. The upward move may be rejected at the 21-day SMA or $0.115. Currently, the rising trend is encountering early resistance near the high of $0.10. The crypto signal will be range-bound while the altcoin remains above the $0.09 support.
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