The Current Status of Dogecoin Price
Dogecoin (DOGE) price has recently dipped below the moving average lines after being stuck between them for some time. On June 7, the altcoin dropped to $0.139 but managed to bounce back. However, the selling pressure is mounting, threatening to push the price down to $0.12, a critical support level since March.
The Bearish Long-term Forecast for Dogecoin Price
Despite recovering from the recent low, if DOGE breaks below $0.12, it could plummet further to $0.114. Currently, DOGE is trading at $0.146, but the bearish trend suggests further downside movement.
Understanding Dogecoin Indicator Reading
Following the price decline on June 7, the price bars are now below the moving average lines. The 4-hour chart indicates a bearish crossover with the 21-day SMA crossing below the 50-day SMA, indicating a potential further decline.
Key Technical Indicators for Dogecoin
- Key resistance levels: $0.22 and $0.24
- Key support levels: $0.14 and $0.12
Predicting the Next Move for Dogecoin
With DOGE trading below the moving average lines, there is a possibility of further downside if it breaks below $0.12. Currently hovering around the $0.148 support level, DOGE has shown a consolidation phase above this level in the last 48 hours. The presence of dojis on the chart indicates traders’ indecision and a potential shift in direction.
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