Dogecoin Retraces above $0.060 as Positive Momentum Resumes

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 a low of $0.053 as positive momentum resumes. The cryptocurrency has been retracing its steps over the $0.061 support. The altcoin is now trading at $0.062 as of this writing. Currently, as DOGE increases, the present support at $0.060 is holding. In the interim, the coin’s price will range between $0.060 and $0.070. However, if the bears break below the $0.060 support, the selling pressure will pick up again. DOGE will continue to plummet to test the previous lows of $0.056 and $0.053, respectively. On the upside, the upward movement is constrained by the $0.070 resistance.

Dogecoin (DOGE) Indicator Reading
The Relative Strength Index for period 14 shows that DOGE’s most recent fall has reached level 30. The oversold area of the market for the coin has been reached. The fall in DOGE price is due to price bars that are below the moving average. Above the daily Stochastic threshold of 40, Dogecoin is experiencing positive momentum. The 21-day SMA has slowed down the bullish momentum.

What is the next direction for Dogecoin (DOGE)?
The price of DOGE/USD has fallen to the oversold area of the market as positive momentum resumes. The altcoin’s price has been ranging between $0.060 and $0.062 for the last four days. Doji candlesticks are currently being used in the price movement outline.

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