Dogecoin Is in a Range but Faces Rejection at $0.070

Dogecoin (DOGE) Price Long-term Prediction: Bearish
The price of Dogecoin (DOGE) has dropped to the bottom of the chart as it faces rejection at $0.070. On June 10, the altcoin fell to $0.053, matching the previous low of October 13, 2022. The market has reached oversold territory. DOGE is increasing as buyers emerge from the market’s oversold region.

On the other hand, buyers have kept the price above the moving average lines. The price trend has stalled at the 50-day simple moving average. In other words, the price of the DOGE has become caught between the moving average lines. DOGE/USD is currently trading at $0.064 at the time of writing.

A breach over the 50-day simple moving average will send the altcoin to highs of $0.08 and $0.09. Similarly, if the altcoin falls below its 21-day SMA, it will revert to its previous low at $0.05.

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

Dogecoin (DOGE) Indicator Reading
DOGE remains in the bearish trend zone at Relative Strength Index level 47 for period 14. The altcoin has the potential to fall even further. DOGE has been stuck between the moving average lines, resulting in a range-bound move. The cryptocurrency is trading in an oversold market. It is below the daily Stochastic level of 20.

What is the next direction for Dogecoin (DOGE)?
DOGE/USD has achieved the chart’s bottom as it faces rejection at $0.070. Buyers are emerging from the oversold area, pushing prices higher. DOGE is currently trapped between the moving average lines. When buyers or sellers breach the moving average lines, the altcoin will trend.

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