Dogecoin Retraces to Its Previous Low at $0.070

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’s (DOGE) price is dropping below the moving average lines as it retraces to its previous low at $0.070. If the moving average lines start to diverge, prices may start to fall more quickly. Since the price decline on April 21, the cryptocurrency has been trading above the $0.076 support. On May 6, the bears slipped beneath the current support before retreating. If the bearish momentum persists, the market will test its prior low of $0.070 on the downside. The barrier near $0.080 and the 50-day SMA have restrained upward bullish swings.

Dogecoin (DOGE) Indicator Reading
The Relative Strength Index for period 14 has DOGE at level 44. The altcoin is now declining and may do so further. The latest decrease is caused by the price bars being below the moving average lines. The daily Stochastic’s negative momentum is below 40.


What is the next direction for Dogecoin (DOGE)?
Since the April 21 price drop, DOGE/USD has moved in a sideways fashion but retraces to its previous low at $0.070. The selling pressure would be greater if the bears had broken through the present support level at $0.076. The movement will remain sideways if the existing support holds. Currently, DOGE is falling as it retraces to its previous low.

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