The Price of Dogecoin (DOGE) Struggles to Sustain Uptrend
Long-term Forecast for the Dogecoin Price: Bearish
DOGE has faced resistance at the $0.1050 level multiple times, causing it to decline. It is currently trading below the 21-day SMA but above the 50-day SMA.
If bearish momentum continues, selling pressure on DOGE/USD will increase. The market may fall below the 50-day simple moving average and reach a low of $0.085. If it drops further, it could go down to its previous low of $0.07.
Currently, DOGE is valued at $0.093.
Dogecoin Indicator Reading
The price of DOGE is currently between the moving average lines, suggesting potential fluctuations. When these lines are broken, a trend may emerge. The upward sloping moving average lines indicate an upward trend, while the horizontal lines on the 4-hour chart suggest 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?
DOGE is currently trading within a range of $0.088 and $0.1050, but it is expected to lose value when it reaches the lower end of this range. The price is forming a bearish pattern with lower highs and lower lows.
On December 17, DOGE faced resistance at $0.098 and found support at $0.094.
Hot Take: Dogecoin’s Uptrend Faces Resistance
The price of Dogecoin (DOGE) is struggling to maintain its uptrend. Despite facing resistance at the $0.1050 level, DOGE is still trading above the 50-day SMA. However, if bearish momentum continues, selling pressure may increase and push the price below the moving average lines. Currently valued at $0.093, DOGE is in a critical position. Technical indicators show potential fluctuations and a sideways trend. Key resistance levels are at $0.12 and $0.14, while support levels are at $0.06 and $0.04. As DOGE forms a bearish pattern with lower highs and lows, it remains to be seen how it will perform in the near future.
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