DOGE Price Decline Ends and remains above $0.12

Apr 16, 2024 at 17:35 // Price
Coin Idol

The price of Dogecoin (DOGE) has fallen below the moving average lines but remains above the current support level of $0.12.

Long-term forecast for the Dogecoin price: bearish

Currently, the bullish scenario is invalidated. DOGE was rejected at the $0.20 resistance and fell below the 21-day SMA. Selling pressure has stopped above the support level of $0.12. The decline has slowed as it corrects higher. DOGE is now worth $0.16.

DOGE is trading in a narrow range below the moving averages. If the bears break the support level of $0.12, the altcoin will fall even more. The cryptocurrency will crash and return to its previous low of $0.08.

In contrast, the cryptocurrency will resume its upward momentum if buyers keep the price above the moving average lines. DOGE/USD will rise and recover to its previous high of $0.22.

Dogecoin indicator reading

After the current downturn, the price bars have fallen below the moving average lines. The price bars are below the moving average lines, indicating that the cryptocurrency will continue to fall. However, the slide has slowed down and the extended candlestick tail indicates significant buying pressure at the $0.12 support.

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

DOGEUSD_( Daily chart) - April 15.jpg

What's next for Dogecoin?

DOGE has slipped above the key support level of $0.12. Since March 5, the current support level of $0.12 has held. Meanwhile, the current support level is holding while DOGE is correcting upwards. The moving averages are resisting the upward correction.

DOGEUSD_( 4 -Hour chart) - April 15.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 Readers should do their research before investing in funds.

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