The price of Dogecoin (DOGE) is losing the battle to maintain its uptrend. Dogecoin price analysis by Coinidol.com.
Long-term forecast for the Dogecoin price: bearish
DOGE has been halted three times at the $0.1050 resistance level. The bears have twice broken below the 21-day SMA support, forcing DOGE to decline. The altcoin is now trading below the 21-day SMA but above the 50-day SMA.
Selling pressure on DOGE/USD will pick up again if the bearish momentum continues. The market will first fall above the 50-day simple moving average, which is the low of $0.085. If the price falls below the moving average lines, it will fall even further to its previous low of $0.07. Dogecoin will be forced to trade in a range between the moving lines if the 50-day SMA support holds.
At the time of writing, DOGE is valued at $0.093.
Dogecoin indicator reading
DOGE’s price is currently between the moving average lines, which means that the price may fluctuate between the moving average lines. When the moving average lines are broken, the market will be trending. The moving average lines are sloping north, indicating an upward trend. The moving average lines on the 4-hour chart are sloping horizontally, indicating a sideways trend.
Technical indicators
Key resistance levels – $0.12 and $0.14
Key support levels – $0.06 and $0.04
What’s next for Dogecoin?
The price of DOGE is falling but is trading in a range between $0.088 and $0.1050. The altcoin will lose value when it reaches the lower price range of $0.088. In the meantime, the price builds a bearish pattern as it makes lower highs and lower lows.
On December 17, the uptrend continued to be held back by the high of $0.098. DOGE was trading at the $0.094 support. as reported by Coinidol.com.
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 CoinIdol.com. Readers should do the research before investing in funds.
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- Source: https://coinidol.com/dogecoin-begins-bearish-ascent/
