The price of Dogecoin (DOGE) remains above the $0.17 support as it corrects higher.
Dogecoin price long-term prediction: bearish
The upward correction has stopped at the moving average lines. The altcoin has retraced although it remains above the $0.20 support. DOGE will rise to a high of $0.25 if buyers can sustain the price above the moving averages.
However, the selling pressure will return if DOGE falls below the moving average lines. The altcoin will drop to a low above the $0.17 support.
DOGE’s current range is between $0.17 and resistance at $0.25. The cryptocurrency can drop significantly to $0.15 if it loses its current support at $0.17. The current price of DOGE is $0.20.
Dogecoin indicator reading
The price bars are below the moving average lines and have corrected upwards. The price is retesting the moving average lines as buyers are trying to push the price above them. DOGE has a chance to rise because the price bars are above the moving average lines.
Technical indicators
Key Resistance Levels $0.45 and $0.50
Key Support Levels – $0.30 and $0.25
What is the next direction for Dogecoin?
DOGE is in a bearish trend zone after the price drop on June 5. On the 4-hour chart, DOGE is bearish again after its earlier rise to a high of $0.205. The altcoin is trading in a range between the support at $0.17 and the resistance at $0.205. Once this range is broken, the altcoin will develop a trend.
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.
