Dogecoin Dips Horizontally as It Faces Resistance at $0.083

Dogecoin (DOGE) Price Long-term Prediction: Ranging
The price of Dogecoin (DOGE) recovered after dropping on January 3, 2024, as it faces resistance at $0.083. On January 3, 2024, the altcoin fell to a low of $0.073 before the bulls purchased the dips. DOGE has been trading sideways for the previous three weeks, ranging between $0.078 and $0.086.

The moving average lines are currently limiting upward movement. On two occasions, buyers attempted to keep the price above the moving average lines but were unsuccessful. Today, the cryptocurrency price is still battling to establish support above the 21-day SMA.

If the present support (21-day SMA) holds, DOGE will trade above the 50-day SMA, or $0.086. Otherwise, the altcoin will drop below the moving average lines. DOGE will continue to fall to its previous lows.

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

Dogecoin (DOGE) Indicator Reading
Currently, DOGE’s price is above the 21-day SMA but below the 50-day SMA. This will provide an advantage for the altcoin to return to former highs. The moving average lines are still dipping horizontally as the sideways trend continues.

What is the next direction for Dogecoin (DOGE)?
DOGE/USD is currently trading in the $0.078–$0.086 price band as it faces resistance at $0.083. Price movement has been restricted to the current price range. Today, the altcoin is dropping following a rejection of its previous high. The crypto signals are currently range-bound due to the strong sideways trend.

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