The price of Dogecoin (DOGE) has been trading above the 21-day SMA support and below the $0.25 resistance since August 8.
The $0.25 barrier level has hindered the altcoin’s uptrend.
DOGE price long term forecast: volatile
Buyers have been trying to push the altcoin to the previous high of $0.28. DOGE is fluctuating as it approaches the 21-day SMA support. If DOGE falls and breaks below the 21-day SMA, the altcoin will drop to $0.20 and $0.19.
However, if the 21-day SMA support holds, DOGE will rise and test its previous highs of $0.25 and $0.28. DOGE is currently trading at $0.221 within the bullish trend zone.
DOGE price indicators analysis
DOGE is bearish and testing the 21-day SMA support. If the bears break the moving average lines, the altcoin will fall to its low price of $0.19.
Currently, the price is hovering above the 21-day SMA support. The price bars on the 4-hour chart are below the moving average lines, indicating a recent decline.
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 trading sideways below $0.25. The altcoin has failed to break above the $0.25 threshold, leading to a decline. The 4-hour chart shows that DOGE is trading above the $0.22 support but below the $0.26 resistance. The upward momentum was resisted three times as the altcoin fell below the moving average lines. The decline has stalled above the current support level of $0.22.
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.
