The price of Dogecoin (DOGE) has held above the $0.14 support since June 22.
Dogecoin price long-term prediction: bearish
However, price indications show that DOGE has ended its decline above the $0.19 support, although bearish momentum has extended the low to $0.143.
Nonetheless, an upward correction has begun although the price of the cryptocurrency remains below the 21-day SMA level. DOGE has been trading above the $0.14 support but below the moving averages since June 5, as Coinidol.com wrote.
If buyers keep the price above the moving averages, the altcoin’s uptrend will resume. The altcoin will rise and reach its previous high of $0.26. DOGE is at $0.164 at this point.
Dogecoin indicator reading
DOGE price is consolidating above the $0.16 support as indic by the Doji candlesticks. Doji candlesticks indicate traders’ hesitation about the market direction. The price bars on the 4-hour chart are above the horizontal moving averages. The presence of doji candlesticks has resulted in no change in price movement.
Technical indicators
Key Resistance Levels $0.45 and $0.50
Key Support Levels – $0.30 and $0.25
What’s next for Dogecoin price?
The DOGE price has stopped its decline above the $0.14 support level and is now correcting upwards. The 4-hour chart shows that DOGE is trading above the $0.14 support but below the $0.17 barrier. The price has stabilized above the moving average lines but below the $0.17 barrier. Once DOGE recovers above the current support, the price will start trending upwards again.
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-remains-stuck/