DOGE Risks a Drop as It Remains Above $0.20

Dogecoin (DOGE) Price Long-term Prediction: Bearish

The price of Dogecoin (DOGE) continues to drop as it remains above $0.20 and below the moving average lines. On the downside, DOGE will be stuck between the moving average lines if the bearish trend continues above the 50-day SMA. The altcoin will move inside a specific range for a few days.

However, if the bearish trend breaks below the moving average lines, selling pressure will increase. On December 16, 2024, a retraced candle body on the weekly chart tested the 50% Fibonacci retracement level. The retracement suggests that DOGE will drop to $0.048 or level 2.0 of the Fibonacci extension. Meanwhile, as of this writing, DOGE has dropped to a low of $0.0196.

Technical indicators

Major Resistance Levels $0.45 and $0.50
Major Support Levels – $0.30 and $0.25

Dogecoin (DOGE) Indicator Reading 

The decline has resumed as the bearish trend broke below the 50-day and 21-day SMAs. Despite the dip, the moving average lines are sliding upward. The downward trend is indicated by the moving average lines on the 4-hour chart that slope southward.

What is the next direction for Dogecoin (DOGE)?

DOGE falls sharply as it remains above $0.20 and near the bottom of the chart. The price of cryptocurrency is circling above the 50-day SMA on the weekly chart. Nonetheless, the price indicator has forecasted that the cryptocurrency will continue to decrease. Once the 50-day SMA is broken, the decline will continue until it reaches the low of $0.048. The altcoin’s signal is negative as it revisits the 50-day SMA.

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