Dogecoin Loses $0.12 Support As Altcoin Faces Renewed Selling Pressure

Dogecoin (DOGE) price has resumed selling pressure as bears have undercut $0.12 support.

Dogecoin (DOGE) price long-term forecast: bearish

Since the January 22 plunge, DOGE/USD has traded above the $0.12 support. However, on March 7, the bears broke below the $0.12 support. This means that the selling pressure is likely to continue downwards. The cryptocurrency is likely to make another low at $0.10. On the upside, the downtrend will be broken when the price starts to rise again and rises above the moving averages. Dogecoin will rise and reach the high at $0.17 again.

Dogecoin (DOGE) price indicators reading

The altcoin is at level 37 of the Relative Strength Index for the period 14. DOGE is in the downtrend zone and below the midline 50. The cryptocurrency is approaching the oversold region. Maybe the oversold region will be reached when the altcoin reaches the low of $0.10. The altcoin is above the 25% area of the daily stochastic. The market has resumed its bullish momentum.

Technical Indicators: 

Key resistance levels - $0.80 and $0.85.

Key support levels - $0.45 and $0.40

What's next for Dogecoin (DOGE)?

Dogecoin is in a downtrend as the altcoin loses support at $0.12. Dogecoin will likely continue to decline. Meanwhile, the March 5 downtrend has shown a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that DOGE will fall, but will reverse at the 1.272 Fibonacci extension level or the $0.11 level.

Disclaimer. This analysis and forecast are the personal opinions of the author 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 funds.