Dogecoin (DOGE) Price Long-term Prediction: Bearish
Dogecoin’s (DOGE) price has recovered after plunging to a low of $0.056 as it trades in a limited range. The cryptocurrency saw an upward reversal after breaking above the moving average lines. The altcoin reached a high of $0.062 before being resisted.
DOGE/USD is now trading below the moving average lines. At the time of writing, it was trading at $0.059. The rising movement has been constrained by moving average lines or resistance at $0.061. The cryptocurrency is now trading in a small range between $0.058 and $0.061.
If the bears breach the present support level of $0.058, selling pressure will resume. DOGE will fall and retest its prior low of $0.055.
Technical indicators
Major Resistance Levels – $0.12 and $0.14
Major Support Levels – $0.06 and $0.04
Dogecoin (DOGE) Indicator Reading
The price bars are always lower than the moving average lines, causing the cryptocurrency to fall or move sideways. This is because the 21-day and 50-day SMAs operate as resistance lines to the cryptocurrency. The bulls haven’t broken above the moving average lines since the slump started.
What is the next direction for Dogecoin (DOGE)?
Dogecoin has kept falling since losing the $0.060 support as it trades in a limited range. The coin has dropped to the bottom of the chart, forming a new price range. DOGE will be forced to trade between the price levels of $0.058 and $0.061. When these levels are breached, the altcoin will trend.
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