Cryptocurrency analysts of Coinidol.com report, the price of Dogecoin (DOGE) has fallen to a low of $0.26 after reaching a high of $0.48.
Dogecoin price long term forecast: bearish
The cryptocurrency was on the verge of recovering from its downturn when it was hit by fresh selling pressure. DOGE is expected to rise to its high of $0.74. After its previous decline, DOGE has risen above $0.30 today. The altcoin is trading below the moving average lines and above the $0.26 support. DOGE will resume its uptrend once it breaks above the moving average lines and resistance at $0.43. In the meantime, DOGE is still trading above the current support at $0.26. DOGE will fall if the existing support is broken.
Dogecoin indicator reading
DOGE price bars are below the moving average lines after the recent decline. The moving average lines are sloping downwards, indicating a downtrend. On the 4-hour chart, the moving average lines have a bearish crossover, indicating a bearish signal.
Technical indicators
Key resistance levels $0.45 and $0.50
Key support levels – $0.30 and $0.25
What is the next direction for Dogecoin?
After the recent downturn, DOGE price bars have fallen below the moving average lines. The moving average lines are pointing downwards, indicating a downturn. On the 4-hour chart, the crypto price is correcting upwards. DOGE will continue its uptrend if the price rises above the moving average lines. Otherwise it will sink or be forced to move sideways.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/doge-hovers-above-0-30/