Price Analysis: Dogecoin (DOGE) Continues to Fall
The price of Dogecoin (DOGE) is experiencing a downward trend, breaking below the existing support level at $0.14. The bears have dominated the market, causing DOGE to fall to a low of $0.13. Here’s an analysis of the current situation:
Long-term Forecast: Bearish
- DOGE price below the $0.14 support and moving average lines
- Expected to test previous low of $0.12
- Support level of $0.12 has been holding since March 3, 2024
Dogecoin Indicator Reading
- Price bars below moving average lines on both charts
- Approaching historic low of $12
- Oversold territory in the market
Technical Indicators:
- Key resistance levels – $0.12 and $0.14
- Key support levels – $0.06 and $0.04
Future Direction for Dogecoin
With DOGE breaking through the $0.14 support level, the altcoin is currently bearish. The price range has historically been between $0.14 and $0.16, but it is steadily falling after breaking the support at $0.14. If DOGE drops below $0.12, the bulls are likely to defend the decline and make a purchase.
Hot Take: Dogecoin’s Downtrend Continues
The downward trajectory of Dogecoin (DOGE) remains intact, with the altcoin breaking below the $0.14 support level. As the bears dominate the market, DOGE has fallen to $0.13 and is expected to test the previous low of $0.12. Technical indicators point to further declines, with key resistance levels at $0.12 and $0.14. Investors should closely monitor the market for potential buying opportunities as the altcoin approaches oversold territory.
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