Dogecoin Declines as It Faces Rejection at $0.082

Technical indicators
Major Resistance Levels – $0.12 and $0.14
Major Support Levels – $0.06 and $0.04

Dogecoin (DOGE) Price Long-term Prediction: Bearish
Dogecoin (DOGE) price is trapped between the moving average lines as it faces rejection at $0.082. The crypto asset will begin to trend when the moving average lines are breached. For instance, if DOGE rises and breaks over the 21-day SMA, it will rise and retest the overhead resistance level at $0.095. The overhead resistance has not been broken since February. DOGE can potentially tumble if the bears break down below the 50-day SMA. The price of the coin will drop to $0.075. The moving average lines are now enclosing Dogecoin.

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Dogecoin (DOGE) Indicator Reading
DOGE is at Level 47 of the Relative Strength Index for period 14. DOGE is caught between the moving average lines and the bearish trend zone. Given that the price bars are located between the moving average lines, DOGE might be forced to move in a range. The overbought area of the market is where the altcoin is now trading. It is above the daily Stochastic level of 80. In the overbought area, sellers will appear to drive prices down.

What is the next direction for Dogecoin (DOGE)?
Dogecoin is range-bound in terms of the moving average line as it faces rejection at $0.082. Whether the price will move higher or lower depends on whether it breaks the moving average lines. Dogecoin is declining as it retests the overbought region of the market. The downturn can come to an end above the 50-day SMA.

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