Dogecoin (DOGE) price is in a downtrend as the price breaks below the moving averages. This suggests that the altcoin will continue to fall.
Dogecoin (DOGE) Price Long Term Forecast: Bearish
Today, the Dogecoin price has fallen to the low of $0.13 at the time of writing. If the price breaks below the 50-day line SMA, the altcoin will continue to fall to the low of $0.12 and then start to trend upwards again. Further downward movement is unlikely as the market has reached the oversold zone. If the altcoin rallies on the downside, the market will rally above the moving averages. This will favour the resumption of an uptrend. In the meantime, Dogecoin is trading marginally and the price movement is unsatisfactory.
Dogecoin (DOGE) Indicator Reading
Dogecoin is at level 47 of the Relative Strength Index for the period 14. The cryptocurrency is in the downtrend zone and can fall downwards. The 50-day line SMA and the 21-day line SMA are horizontally sloping, indicating a sideways movement. The altcoin is below the 20% range of the daily stochastic. That is, DOGE is trading in the oversold zone of the market.
Technical Indicators:
Key resistance levels – $0.80 and $0.85
Key support levels – $0.45 and $0.40
What is the next direction for Dogecoin (DOGE)?
Dogecoin is in a sideways movement. The 50-day line SMA and the 21-day line SMA are horizontally flat, indicating that the price is moving within a range. The price action is also characterised by small indecisive candlesticks called doji. These candlesticks indicate that buyers and sellers are undecided about the direction of the market.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.
Source: https://coinidol.com/doge-trades-marginally/