The price of Dogecoin (DOGE) is falling after breaking through the 21-day SMA barrier.
Dogecoin price long-term prediction: bearish
Since the price drop on June 22, bulls and bears have been engaged in a price battle at the 21-day SMA barrier. On July 2, the bulls broke above the 21-day SMA barrier. The buyers should have maintained the bullish momentum to reach the 50-day SMA resistance or the $0.21 high.
However, DOGE was rejected after 48 hours of the breakout. The cryptocurrency has fallen below its 21-day SMA support. The downtrend will continue to the low of $0.16. If the $0.16 support is breached, selling pressure will continue to $0.14. Currently DOGE is valued at $0.162.
DOGE price indicators analysis
Today, the bears have dropped below the 21-day SMA support. This indicates that the value of the cryptocurrency will continue to fall.
On both charts, the price bars are below the moving average lines. Since May 30, as reported by Coinidol.com, buyers have failed to keep the price above the moving average lines, which has led to this decline.
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?
DOGE has slipped below its moving average lines. The cryptocurrency has plummeted to a range above the $0.16 support. The crypto price is just above the $0.16 support level but below the moving average lines.
The sideways movement will continue if the existing support holds. If the present support level is breached, DOGE will fall further to $0.14.
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-loses-price-level/