Dogecoin Reaches Bearish Exhaustion and May Reverse at $0.068

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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 reached bearish exhaustion and may reverse at $0.068. The cryptocurrency asset could drop much more, reaching a low of $0.069. The altcoin has been consolidating above the $0.069 support since the price drop on May 8th. However, if the current support is broken, DOGE will continue to fall until it reaches its lowest point of $0.065. Doge had an upward corrective during the April 26 downturn, and a candle body tested the 78.6% Fibonacci retracement level. According to the correction, DOGE will decline but will turn around at the level of the Fibonacci extension at 1.272, or $0.068.

Dogecoin (DOGE) Indicator Reading
In the period 14 of the Relative Strength Index, DOGE is at level 41. As a result of being rejected at the 21-day MA, DOGE is falling in a bearish trend. The current decrease is brought on by the price bars being below the moving average lines. The downward slope of the moving average lines indicates a decline.

What is the next direction for Dogecoin (DOGE)?
Following a recent rejection at the 21-day SMA, DOGE is declining and may reverse at $0.068. If support is found above $0.069, the altcoin will start moving up again. The cryptocurrency asset is oscillating between the moving average lines on the 4-hour chart. It suggests that for a few days, the altcoin will have to make range-bound moves.

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