The price of Dogecoin (DOGE) is correcting higher as buyers try to push the price above the $0.20 resistance and moving average lines.
DOGE price long-term prediction: bearish
On March 26, buyers failed to launch a rally above the 50-day SMA and resistance at $0.20. Today, the cryptocurrency price is retesting the 21-day SMA and continuing its uptrend.
On the upside, the uptrend will continue to the highs of $0.24 and $0.28 if buyers sustain the price above the 21-day and 50-day SMA, as Coinidol.com reports.
However, DOGE will decline if it moves down from the 21-day SMA barrier.
DOGE will fall to the next support at $0.10 if it falls below the $0.14 level. The price forecast will still be valid at the low of $0.048 or the Fibonacci extension level of 2.0. The price of DOGE is $0.1679.
DOGE indicator reading
The moving average lines on the daily chart have dropped significantly and are above the price bars. Currently, DOGE’s upward movement is being held back by the 21-day SMA barrier. The Doji candlestick, which restricts price movement, has been used to characterize DOGE’s price.
Technical indicators
Key Resistance Levels $0.45 and $0.50
Key Support Levels – $0.30 and $0.25
What’s next for Dogecoin?
The rise in the DOGE price above the $0.14 support has started again. Buyers have consistently defended the $0.14 support over the last month. The $0.14 support will be retested if the 21-day SMA barrier rejects DOGE. The rejection will increase the probability of a possible break of the $0.14 support.
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/dogecoin-faces-possible-drop/