DOGE Risks Decline Below the $0.18 Support

Dogecoin (DOGE) Price Long-term Prediction: Bearish

Dogecoin (DOGE) is stabilizing below the moving average lines but risks decline below the $0.18 support. DOGE has stayed steady above the $0.18 support for the last four days. In other words, DOGE is range-bound below the overhead resistance at $0.26 and above the $0.18 support. However, DOGE has the possibility of further decline when it is in the bearish trend zone.

DOGE will fall to a low of $0.16 if it breaches the present support. On the downside, if the $0.16 support is broken, the bearish trend will continue down to the low of $0.10. When the 50-day SMA level is broken, DOGE will resume its bullish rise. The altcoin is currently worth $0.193.

Technical indicators

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

Dogecoin (DOGE) Indicator Reading

The price bars of DOGE are consolidating below the lines of the 21- and 50-day moving averages. The altcoin will most likely keep declining. The moving average lines on the 4-hour chart are trending lower after plunging to the bottom above $0.18. 

What is the next direction for Dogecoin (DOGE)?

DOGE’s price falls and halts above the current support level but risks further decline below the $0.18 support. The altcoin is trading above its current support but below the moving average lines or resistance at $0.20. Today, the cryptocurrency price is retracing but remains above the $0.19 support. If the bears breach the $0.18 support level, the altcoin will continue to drop.

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