The Dogecoin Price Situation: Bearish Forecast
Since May 21, the price of Dogecoin (DOGE) has been fluctuating, with no clear direction as bulls and bears battle in the market. Currently, the price is above the 50-day Simple Moving Average (SMA) support but below the 21-day SMA. Here is an analysis of the current situation and what might be expected in the near future.
Current Dogecoin Price Movements
- On June 2, bears took control by breaking below the 21-day SMA, indicating a continuation of bearish momentum.
- If the price falls below the moving average lines, the downward trend may lead to a low of $0.14.
- DOGE is currently stuck between the moving average lines, with a break signaling a new trend. At the time of writing, DOGE was trading at $0.15.
Dogecoin Indicator Analysis
The uptrend of DOGE has ceased as buyers struggle to maintain momentum above the $0.17 resistance level. The altcoin is under selling pressure after slipping below the 21-day moving average line, causing price fluctuations within the moving average boundaries.
Key Technical Levels
- Key resistance levels: $0.22 and $0.24
- Key support levels: $0.14 and $0.12
Future Outlook for Dogecoin
On the 4-hour chart, DOGE is dipping below the moving average lines, displaying a trend of lower highs and lows. The current support level is at $0.15, with strong buying interest evident near this price point as indicated by long candlestick tails.
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