DOGE’s Slide Pauses but Faces Rejection At $0.11

Dogecoin (DOGE) Price Long-term Prediction: Bearish

Dogecoin’s (DOGE) price falls to a low of $0.080 on August 8 as it faces rejection at $0.11. The selling pressure has subsided during the last five days, with bulls buying the dips. Today, the altcoin trades above the $0.90 support level but below the moving average lines. Currently, the upward corrective is facing resistance at the 50-day SMA.

The altcoin will fall if it is rejected at its recent high. On the downside, the price indicator for the cryptocurrency has predicted a further fall. DOGE will continue to fall if bears exceed the prior low of $0.080. According to the price indicator, the altcoin will reach a low of 1.618 Fibonacci extension, or $0.058.

Technical Indicators

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

Dogecoin (DOGE) Indicator Reading 

Both charts show price bars below the moving average lines. In addition, the daily chart shows a bearish crossover, with the 21-day SMA crossing below the 50-day SMA. It signifies that the cryptocurrency is under greater selling pressure. The market may still hit a low of $0.058.

What is the next direction for Dogecoin (DOGE)?

DOGE’s slide has stalled in a pricing range as it faces rejection at $0.11. The altcoin trades above the $0.090 support level but below the moving average lines and the $0.11 high. The altcoin’s rising trend has stuck at the latest high, and it is now retracing to the south.

If the current support level is breached, selling pressure will resume. Meanwhile, the crypto signal remains unfavorable as the altcoin continues to drop.

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