Dogecoin (DOGE) Price Long-term Prediction: Bearish
Dogecoin (DOGE) is trading below the moving average lines, revisiting historic lows of $0.20 and $0.18. The sideways movement of the cryptocurrency has persisted, and it has moved to the bearish trend zone between the moving average lines and the $0.20 support. The 50-day SMA barrier impeded higher price action on August 28 and 31. If DOGE falls below the 50-day SMA barrier, it could return to its previous low of $0.18. DOGE is now valued $0.218 at the time of writing.
Dogecoin (DOGE) Indicator Reading
The price of DOGE has been below the moving average lines since August 25. The altcoin may see further declines while in the bearish trend zone. The moving average lines stay horizontal as the altcoin keeps up its sideways trajectory. The price bars on the four-hour chart are lower than the moving average lines. However, the 21-day SMA is lower than the 50-day SMA, suggesting a decrease.
What Is the Next Direction For Dogecoin (DOGE)?
DOGE is currently below the moving average but above the historic low of $0.18. On the 4-hour chart, the altcoin is presently trading in a small range between the $0.210 support and below the $0.225 high. The cryptocurrency’s price is consolidating above the $0.21 support level, with Doji candlesticks appearing. The development of Doji candlesticks has limited the drop.
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