Dogecoin Is Stuck in a Range as Suppliers Threaten to Short

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
The price of Dogecoin (DOGE) is falling between the moving average lines as suppliers threaten to short. The decline is approaching the 50-day simple moving average line. The selling pressure will intensify should the price drop below the moving average lines.

According to the price indication, DOGE will fall to the 1.618 Fibonacci extension, or $0.075. The cryptocurrency will be trapped between the moving average lines if its price stays above the 50-day SMA. DOGE will move back and forth between the moving average lines.

When the moving average lines are breached, the altcoin will trend. The DOGE/USD exchange rate is $0.090 at the time of writing.

Dogecoin (DOGE) Indicator Reading
DOGE is caught between the moving average lines, causing the altcoin to fluctuate. The price of DOGE is trading slightly higher due to the presence of Doji candlesticks. The price bars on the 4-hour chart are below the moving average lines, indicating a likely fall.

What is the next direction for Dogecoin (DOGE)?
DOGE is declining, with a target price of $0.075 as suppliers threaten to short. The negative momentum will be reversed if the decline holds above the 50-day SMA. The altcoin is trading in a range of $0.088 and $0.096 on the 4-hour chart. DOGE is projected to fall even more.

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing