Dogecoin Price Analysis: Bearish Outlook Prevails
The price of Dogecoin (DOGE) is currently trading in a range below the moving average lines, indicating a bearish outlook. Despite a brief dip to $0.128, the bulls managed to buy the dips and ease the selling pressure. At present, DOGE is consolidating above the $0.14 support level.
Long-term Forecast for Dogecoin Price
DOGE is trading above the $0.14 support level but remains below the moving average lines. The altcoin needs to break above the moving average lines or the $0.18 level to resume its uptrend. Currently priced at $0.158, DOGE is navigating between the $0.14 support and $0.18 resistance levels.
Dogecoin Indicator Reading
DOGE price bars show Doji candlesticks above the horizontal moving average lines on the 4-hour chart. The presence of Doji candlesticks indicates uncertainty among traders about the future direction of the price.
Technical Indicators
- Key resistance levels: $0.12 and $0.14
- Key support levels: $0.06 and $0.04
What’s Next for Dogecoin?
After finding support at $0.14, DOGE has been trading within a narrow range, moving above $0.14 and facing resistance at $0.18 since April 13. The doji candlesticks have contributed to the stability of price movements. However, a recent rejection at the $0.20 resistance level led to a fall below the 21-day SMA on April 16.
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