DOGE Revisits the $0.26 Low as Bears Seize Control

Dogecoin (DOGE) Price Long-term Prediction: Bearish

Dogecoin’s (DOGE) price has dipped below the moving average lines as bears seize control. The selling pressure has eased above the $0.30 support. In the recent price action, DOGE was range-bound above the 21-day SMA support and below the resistance at $0.45. The bulls were dominated as they failed to continue the bullish momentum above that level. DOGE would have revisited its prior high of $0.71.

Today, the bears are in charge, with DOGE trading above the $0.30 support and below the moving average lines. Currently, the bulls are defending the current support at $0.30 while consolidating above it. If the bulls succeed, DOGE will increase and attempt to break above the moving averages.

The positive trend will continue to the previous high of $0.45. However, if the bears overcome the present support at $0.30, DOGE will fall to a low of $0.22. Meanwhile, DOGE is currently valued at $0.31. 

Technical indicators

Major Resistance Levels – $0.50 and $0.55
Major Support Levels – $0.40 and $0.35

Dogecoin (DOGE) Indicator Reading 

Following the current downturn, the price bars have dropped below the moving average lines. On December 20, a long candlestick tail pointed downward, below the existing support of $0.30. This shows heavy buying pressure near the $0.30 support. On the 4-hour chart, the moving average lines are sloping down indicating the decline.

What is the next direction for Dogecoin (DOGE)?

On the 4-hour chart, DOGE fell to a low of $0.26 as bears seized control. The 21-day SMA was the point at which the crypto price’s upward trend came to an end. The altcoin is trading in a range above the $0.26 support and below the 21-day SMA resistance. DOGE is dropping toward its present support. On the negative, if the bears violate the $0.26 support, the altcoin will return to its prior low above $0.22.

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