Dogecoin (DOGE) price is in a downtrend as the altcoin consolidates above $0.058 support.
Dogecoin price long term forecast: bearish
In the past week, the price movement below the 21-day line SMA has remained the same. The DOGE price has started another upward movement to retest or break the 21-day line SMA. On September 7, the cryptocurrency price broke the 21-day line SMA, but failed to break the 50-day line SMA. Consequently, DOGE was rejected at the $0.065 resistance. The altcoin fell sharply to the current support at $0.058. Today, the cryptocurrency is rising again to regain the previous highs. The downtrend will continue if the altcoin turns down from the 21-day line SMA.
Dogecoin indicator display
DOGE is at level 44 of the Relative Strength Index for the period 14. The altcoin is in the downtrend area and could continue to fall. The price bars are below the moving average lines, indicating a further decline. The altcoin is above the 70% area of the daily stochastic. This indicates that the market is in a bullish momentum.
Key resistance levels – $0.08 and $0.10
Key support levels – $0.07 and $0.05
What is the next direction for Dogecoin?
The cryptocurrency is in a sideways movement, but the altcoin has retraced to the previous low. The current upward correction is a prelude to further downward price movement. Meanwhile, on September 13, a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that DOGE will fall to the Fibonacci extension level of 1.272 or the $0.057 level.
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 in funds.