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Dogecoin (DOGE) Price Long-term Prediction: Bearish
Dogecoin (DOGE) price is retracing to the previous range bound zone as it trades in a narrow range above $0.061. The altcoin was trading in a close range between $0.060 and $0.065 in the preceding price range.DOGE’s price rebounded and soared to a high of $0.068 on August 29.
Today, the altcoin has dropped in value and is currently trading at $0.063. On the downside, the bearish momentum will continue until the price reaches $0.061.When the market enters the oversold zone, the selling pressure will end. If the current support price holds, the current price range will be resumed.
Technical indicators
Major Resistance Levels – $0.12 and $0.14
Major Support Levels – $0.06 and $0.04
Dogecoin (DOGE) Indicator Reading
DOGE is at level 39 on the Relative Strength Index for period 14 following the latest price rebound and decline. The altcoin is continuing in a bearish trend and may fall further. The price bars are below the moving average lines and are about to be rejected by the 21-day moving average line.
The cryptocurrency will fall and be forced to move in a range. For period 14, DOGE is trading in the oversold territory and below the daily Stochastic level of 20. Bearish weariness has been reached for the altcoin.
What is the next direction for Dogecoin (DOGE)?
Dogecoin is moving sideways as it trades in a narrow range above $0.061. On the negative, the long candlestick tails imply a pullback from further cryptocurrency devaluation. It denotes robust buying at lower price levels.The bears are also limiting future increases in the altcoin’s price at greater levels.
These positions will cause the cryptocurrency to move sideways.
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