Cryptocurrency analysts report stable Dogecoin price above $0.060 support level
The price of Dogecoin (DOGE) has remained unchanged above the $0.060 support level, according to cryptocurrency analysts. While there was a rally on October 1, there has been no significant price change since then. The altcoin briefly rose above the moving average lines but was stopped by resistance at $0.063. In the past five days, DOGE has traded below the 21-day line SMA with minimal movement above the existing support level. However, if it manages to recover above this support level, it could experience a significant bounce. Currently, DOGE is trading at $0.061.
Dogecoin indicator display
DOGE’s price bars are currently below the moving average lines, indicating a bearish trend. However, it is unlikely to fall further as the altcoin is oversold. The horizontal slope of the moving average lines suggests a sideways trend.
Technical indicators
Key resistance levels for DOGE are $0.12 and $0.14, while key support levels are $0.06 and $0.04.
What’s next for Dogecoin?
The fluctuation range of Dogecoin will likely continue as long as there are doji candlesticks, which indicate indecision in the market direction. The price has not changed significantly and remains wedged between the moving average lines in a shorter time frame. Therefore, a sideways movement is expected in the long term for DOGE.
As previously reported on October 1, DOGE’s value has been hovering above the $0.060 support level since August 17 but below the 50-day line SMA. Currently, DOGE/USD is trading between $0.060 and $0.063.
Hot Take: Dogecoin’s Stable Price Indicates Consolidation Phase
Despite the recent rally, Dogecoin has entered a consolidation phase, with its price remaining stable above the $0.060 support level. While the altcoin briefly surpassed resistance at $0.063, it has since traded below the 21-day line SMA with minimal movement. However, if DOGE manages to recover above its current support level, it could see a significant bounce in price. Technical indicators suggest a sideways trend for DOGE, with key resistance levels at $0.12 and $0.14 and key support levels at $0.06 and $0.04. As long as doji candlesticks persist, indicating market indecision, Dogecoin’s fluctuation range is likely to continue in the near future.
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