Dogecoin Returns to Its $0.060 Low as It Enters an Oversold Zone

Dogecoin (DOGE) Price Long-term Prediction: Bullish
Dogecoin (DOGE) has slipped below the moving average lines as it enters an oversold zone. At the time of writing, the crypto asset has dropped to a low of $0.069. DOGE was caught between the moving average lines for over a week in the preceding price movement.

The buyer’s inability to sustain the price above the 21-day SMA led to the fall. Based on the price activity, DOGE is likely to fall more to the downside. DOGE corrected upward on the August 7 downturn, and a candle body tested the 50% Fibonacci retracement level.

As a result of the downturn, DOGE is anticipated to drop to the level 2.0 Fibonacci extension, or $0.062 low.

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

Dogecoin (DOGE) Indicator Reading
DOGE has dropped to Relative Strength Index level 38 for period 14. The altcoin is entering the market’s oversold zone. As price bars fall below the moving average lines, the decrease will be accelerated. Dogecoin is oversold below level 20 on the daily Stochastic. Bearish weariness has been reached for Dogecoin.

What is the next direction for Dogecoin (DOGE)?
Dogecoin has reached bearish exhaustion as it enters an oversold zone. In the previous price movement, the altcoin has been finding support above the $0.060 low. The current decline may end above the current support.

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