Dogecoin Resumes Its Ascent but Pauses above the $0.77 Low

Dogecoin (DOGE) Price Long-term Prediction: Ranging
Dogecoin (DOGE) price has continued its downward move but pauses above the $0.77 Low. The bears are attempting to push the altcoin to the next support at $0.070. In the previous price action, the altcoin declined sharply to the low of $0.073 but the bulls bought the dips.

On the downside, the crypto asset may decline and find support above $0.070. The support at $0.070 is the historical price level of November 21, 2023. The historical price level of the cryptocurrency has been holding since the resumption of the bullish trend.

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

Dogecoin (DOGE) Indicator Reading
Since January 3, 2024, the price bars are below the moving average lines. This has been responsible for the current selling pressure. The moving average lines are sloping downward on both charts. Presently, the downward price movement has been slowed down by the Doji candlesticks.

What is the next direction for Dogecoin (DOGE)?
DOGE/USD targets the low of $0.070 but pauses above the $0.77 Low. On the January 12 price slump, DOGE made an upward correction and a retraced candle body tested the 61.8% Fibonacci retracement level.

The correction implies that DOGE will fall to level 1.618 Fibonacci extension or level $0.071.

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