Price of Dogecoin Below Moving Average Lines
The price of Dogecoin (DOGE) has remained below the moving average lines since experiencing a price slump on January 3, 2024.
Long-term Forecast: Bearish
Selling pressure has paused above the current support level of $0.073, with bears unable to sustain their bearish momentum to the $0.070 level over the past two weeks. However, DOGE fell to lows of $0.074 and $0.075 before correcting higher. Currently trading at $0.074 and below the moving average lines, the market may fall further if the support level is broken.
Dogecoin Indicator Reading
The price bars have remained below the moving average lines for the past week, but have stopped above the current support level. The price bars exhibit small, uncertain candlesticks known as dojis. DOGE is also showing a bearish crossover as the 21-day SMA falls below the 50-day SMA.
Technical Indicators
Key resistance levels for DOGE are at $0.12 and $0.14, while key support levels are at $0.06 and $0.04.
Next Direction for Dogecoin
Following the price drop on January 3, DOGE has been moving sideways on the 4-hour chart, hovering between $0.076 and $0.086. The moving average lines have limited upside movement and DOGE is currently in a downtrend as it is rejected at the 21-day SMA.
Last week’s analysis predicted that DOGE/USD could fall further to a low of $0.070 due to resistance at $0.087 and the rejection between the moving average lines.
Hot Take: Dogecoin’s Bearish Trend Continues
The price of Dogecoin remains bearish as it struggles to break above key resistance levels. With selling pressure persisting and the altcoin trading below the moving average lines, DOGE is likely to face further downside potential. The current support level is crucial, and if broken, the market may fall even lower. Technical indicators also indicate a bearish trend, with the 21-day SMA falling below the 50-day SMA. Despite occasional corrections, DOGE’s long-term forecast suggests a bearish outlook for its price.
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