Dogecoin Depreciates as It Loses the $0.060 Support

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’s (DOGE) price has decreased as it loses the $0.060 support. Bulls purchased the dips as the cryptocurrency asset plummeted to a low of $0.056. The purchasers are attempting to recuperate above the $0.058 support as the selling pressure has decreased.

If the existing support persists, the upward movement will resume. Dogecoin will increase to retrace its steps to the $0.064 and $0.068 previous highs. Nevertheless, the market will return to the prior lows of $0.055, if the selling pressure and the bears break through the present support.

The altcoin is now trading in the oversold area of the market. The oversold area is likely to see buyers appear. Lower price points are always more appealing to buyers.

Dogecoin (DOGE) Indicator Reading
Since the price decline on August 17, the 21-day and 50-day moving average lines are sloping horizontally. It suggests that the coin’s sideways trend has resumed. The moving average lines, which are to blame for the present downturn, and the price bars have both remained below them.

The crypto asset is recovering as long as it remains above the $0.058 support level.

What is the next direction for Dogecoin (DOGE)?
The price of Dogecoin has risen over the $0.058 support as it loses the $0.060 support. The selling pressure has produced a bearish fatigue. The current support is holding as DOGE starts to move upward once more. In the shorter time range, the altcoin declined to a low of $0.057 before rising.

As of this writing, the altcoin is increasing and recently reached a high of $0.059.

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