Dogecoin Price Pulls Back And Starts Its Range Below $0.1155

The price of Dogecoin (DOGE) has risen above the moving average lines but remains trapped below the 50-day SMA.

DOGE price long-term prediction: bearish

The altcoin has hit resistance at $0.1155 and is now on the retreat. If buyers can break above the 50-day SMA resistance, DOGE price will rise and regain its previous high of $0.14.

However, if DOGE falls back and breaks below the 21-day SMA support, the downtrend will resume. The altcoin will fall to its previous low of $0.080. The downside momentum could extend to the 1.618 Fibonacci extension or $0.058 if the $0.080 support is broken.

DOGE indicator reading 

DOGE price has been trapped between the moving average lines since August 21. The altcoin will rally if the 21-day and 50-day moving averages are broken. The 50-day SMA is currently against the uptrend. This will end the bullish momentum and send the altcoin into a rangebound move between the moving average lines. When a moving average line is broken, the altcoin enters a trend.

Technical indicators

Key Resistance Levels $0.22 and $0.24

Key Support Levels – $0.14 and $0.12

What is the next direction for Dogecoin?

The direction of the market is undetermined as DOGE is trapped between the moving average lines. The price of the cryptocurrency points to a further decline. In the meantime, DOGE will move between the moving average lines until the trend is determined.

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.