Dogecoin Returns to Sturdy Support at $0.060 after a Recent Dip

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 its prior low of $0.055 after a recent dip. As the crypto asset recovered above the $0.060 support, bulls bought the dips. Dogecoin has resumed a sideways trend since August 17 after the price slump.

The altcoin is now trading in a small range between $0.060 and $0.065 per coin. Today, the altcoin has reached a high of $0.063, but it is being rejected. On the upside, the barrier at $0.065 limits DOGE’s upward movement.

When the barrier level is breached, the uptrend will restart. The cryptocurrency has recovered as bulls defend the current support level of $0.060.

Dogecoin (DOGE) Indicator Reading
DOGE is correcting upward as it approaches Relative Strength Index level 36 for period 14. Despite the upward retracement, the coin is in a bearish trend. The upward corrective has been repelled in the lower time frame as the altcoin has declined between the moving average lines.

This means that the altcoin will be forced to move in a range for a few days.

What is the next direction for Dogecoin (DOGE)?
Dogecoin is in a sideways trend as it finds support above the $0.05 level after a recent dip. Doji candlesticks have limited price movement in the lower time frame. DOGE will resume an uptrend on the lower time frame if the price breaks the resistance at $0.065 or the 50-day SMA.

Otherwise, the altcoin will continue to fluctuate in a limited range.

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