Dogecoin (DOGE) Price Analysis: Bearish Long-Term Forecast
Since the price dip on January 3, DOGE has consistently consolidated above the $0.078 support level while trading below the moving average lines. Although there has been indecision between buyers and sellers, the altcoin’s price has remained stable above the current support level.
However, the bulls have recently broken above the 21-day SMA, indicating a potential uptrend. This is their second attempt to break above this moving average line. The price rise was halted by the 50-day SMA and resistance at $0.09 during the first attempt. Currently valued at $0.081, DOGE is expected to fluctuate between the moving average lines for a few more days.
Dogecoin Indicator Reading
The price of DOGE is rising as it breaks above the 21-day SMA. However, its movement will be limited as long as it remains between the moving average lines. On the 4-hour chart, the price bars are above the moving averages but face resistance at $0.082.
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?
Despite being trapped between the moving average lines, DOGE has regained bullish momentum. It is likely to trend sideways due to its position below the 50-day moving average line. However, after a recent rally, the altcoin has steadily moved above the 21-day SMA.
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