DOGE Falls To $0.095 In The Face Of Further Rejections

Dec 31, 2023 at 13:11 // Price
Author
Coin Idol

DOGE has been trapped between moving average lines over the past week. Buyers tried unsuccessfully to bring the price back above the 21-day SMA.

Long-term outlook for Dogecoin price: bearish

Dogecoin (DOGE) price is expected to decline further if it breaks below the 21-day SMA on December 19.

On Dec. 26, the bears pushed the price above the 50-day simple moving average, but the bulls bought the dips. The bears now have the upper hand and DOGE is falling. The cryptocurrency will test the support of the 50-day simple moving average. According to the price indicator, DOGE will fall to the Fibonacci extension of $1.618 or the low of $0.075.

Dogecoin indicator analysis

DOGE's price bars have gotten caught between the moving average lines. If the moving average lines are broken, DOGE will develop a trend. Selling pressure will intensify if the price of DOGE falls below the moving average lines.

Technical Indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

DOGEUSD_ (Daily Chart) –Dec.30.jpg

What is the next direction for Dogecoin?

DOGE is moving sideways on the 4-hour chart. The price of the altcoin is fluctuating between $0.086 and $0.097. Doji candlesticks, which have a small body and are indecisive, have characterised the price action. Doji candlesticks are rigid and restrict the price movement.

DOGEUSD_ (4-Hour Chart) –Dec.30.jpg

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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