Dogecoin Reaches Bearish Exhaustion below $0.070 as It Turns Around

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 is falling below the moving average lines as it turns around. The cryptocurrency asset dropped to a low of $0.069 before starting to consolidate again above the recent support. The altcoin has been consolidating since May 8. DOGE is now trading at $0.072 at the time of writing. However, the price signal has suggested that the cryptocurrency may continue to fall or even reverse course. The DOGE candle body tested the 78.6% Fibonacci retracement level following the April 21 price fall. The correction predicts that DOGE will decline but reverse course at level 1.272 Fibonacci extension, or $0.070. If the current support holds, DOGE will resume its ascent.

Dogecoin (DOGE) Indicator Reading
DOGE is at level 35 according to the Relative Strength Index for period 14. Although the altcoin is in a bearish trend zone, bearish exhaustion has been reached due to the selling pressure. The current selling pressure is caused by the price bars being below the moving average lines. Above the daily Stochastic threshold of 70, Dogecoin is experiencing positive momentum. The overbought area of the market is getting closer to the altcoin. The current bullish momentum will likely end.

What is the next direction for Dogecoin (DOGE)?
DOGE/USD is now trading above the $0.070 support as it turns around. On the 4-hour chart, the bulls have broken above the 21-day SMA but below the 50-day SMA. The altcoin will continue to be compelled to trade in a range between the moving average lines for a few days.s.

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