Dogecoin Faces a Drop Due to Rejection at the $0.095 High

Dogecoin (DOGE) Price Long-term Prediction: Bearish
Dogecoin (DOGE) is losing value due to rejection at the $0.095 high. In the previous price action, buyers were unable to keep the price above the resistance level at $0.10. The descent was caused by resisting upward motions three times.

Today, the altcoin fell below the 21-day SMA, and negative momentum is expected to cross above the 50-day SMA. On December 13, the DOGE downtrend saw an upward correction, and the candle body tested the 61.8% Fibonacci retracement line.

DOGE/USD is anticipated to fall to $0.079, or the 1.618 Fibonacci extension. If the altcoin is rejected at the $0.095 resistance or the 21-day SMA, selling pressure on the downside will escalate.

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

Dogecoin (DOGE) Indicator Reading
DOGE falls when it moves above the 50-day SMA but below the 21-day SMA. The cryptocurrency will remain limited for a few days and will trade between the moving average lines. On the 4-hour chart, the price bars are above and below the horizontal moving average lines.

What is the next direction for Dogecoin (DOGE)?
DOGE is falling due to rejection at the $0.095 high. The bearish momentum is anticipated to extend to a low above the $0.079. On the downside, if the price breaks above the 21-day SMA, the bearish momentum will be negated.

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