Dogecoin Is in Decline as It Faces Rejection at $0.080

Azeez Mustapha

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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 has dropped to the negative trend region as it faces rejection at $0.080. The price of the cryptocurrency deviated from the moving average lines and rose above the 50-day SMA. In the current market, Dogecoin is trading between the moving average lines. Today’s low for the price of DOGE is $0.076. Currently, the asset’s price fluctuates between the moving average lines. Depending on when the moving average lines are violated, Dogecoin will trend. When the bears breach the 50-day SMA, selling pressure on the altcoin will pick up again. As a result, DOGE will fall to a low of $0.070. If buyers push the coin over the 21-day SMA, the upward movement will resume. The altcoin will return to its earlier highs of $0.09 and $0.10.

Dogecoin Is in Decline as It Faces Rejection at $0.080
DOGE/USD – Daily Chart

Dogecoin (DOGE) Indicator Reading
Dogecoin’s Relative Strength Index for period 14 is level 42. The altcoin is in a bearish trend and is likely to decline. The moving average lines are in between the price bars, which will force the altcoin to go sideways. The oversold area of the market is where the cryptocurrency has sunk. The daily Stochastic is below level 20 at this time. The coin is not likely to continue to decrease.


What is the next direction for Dogecoin (DOGE)?
DOGE has dropped to a low of $0.076 as it faces rejection at $0.080. The altcoin has been battling to rise above the resistance since March 21. The cryptocurrency’s price is settling just below the $0.080 resistance level. If the price rises above the most recent high, the bullish trend will resume.

Dogecoin Is in Decline as It Faces Rejection at $0.080
DOGE/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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