DOGE Trapped Between Moving Average Lines
Over the past week, Dogecoin (DOGE) has been stuck between moving average lines, with unsuccessful attempts by buyers to bring the price above the 21-day SMA.
Long-term Outlook for Dogecoin Price: Bearish
The price of Dogecoin is expected to decline further if it breaks below the 21-day SMA on December 19. The bears currently have the upper hand, and DOGE is falling. The cryptocurrency will test the support of the 50-day simple moving average, and based on indicators, it may fall to either the Fibonacci extension of $1.618 or the low of $0.075.
Dogecoin Indicator Analysis
DOGE’s price bars are caught between the moving average lines, and a break below these lines could indicate a developing trend. If the price falls below the moving average lines, selling pressure is likely to intensify.
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?
On the 4-hour chart, DOGE is currently moving sideways between $0.086 and $0.097. The price action is characterized by Doji candlesticks, which indicate indecisiveness and restrict price movement.
Hot Take: Dogecoin Faces Bearish Outlook
The outlook for Dogecoin remains bearish as it struggles to break above moving average lines and faces selling pressure from bears. If DOGE breaks below key support levels, further decline is expected. Traders should closely monitor the price action and technical indicators to determine the next direction for Dogecoin.
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