Dogecoin Falls Sharply And Approaches $0.060 Low

Mar 12, 2023 at 12:10 // Price
Coin Idol
Dogecoin is now at the bottom of the chart

The value of Dogecoin' (DOGE) is declining and has recently fallen to a low of $0.064.

Dogecoin price long term forecast: bearish

The cryptocurrency value fell and then went below its previous low of $0.066. While DOGE was performing an upward correction of the downtrend that started on February 9, a candlestick tested the 50% Fibonacci retracement level. The correction predicts that DOGE will fall to the level of Fibonacci extension' 2.0 or $0.060. Nevertheless, the action has caused the Dogecoin' price to fall below its previous low on December 30, 2022. It' is unlikely that the cryptocurrencys value will fall further. The current decline will attract more buyers to the oversold part of the market. At the time of writing, the altcoin is trading at $0.065.

Dogecoin indicator display

DOGE has seen a significant decline in the oversold area. It is at level 22 of the Relative Strength Index for period 14. The 'price bars of the altcoin are well below the moving average lines, indicating a further decline. The cryptocurrency was previously in the oversold region of the market. It is currently above the daily value of 25 of the stochastic and has reached a bullish momentum.

DOGEUSD(Daily Chart) - March 11.23.jpg

Technical indicators

Key resistance levels - $0.12 and $0.14

Key support levels - $0.06 and $0.04

What is the next direction for Dogecoin?

Dogecoin is now at the bottom of the chart. The crossover of an altcoin is bearish. When the 21-day line SMA crosses below the 50-day line SMA, a sell order is recommended. The 21-day line SMA is a resistance for the price bars. The decline will continue until a low of $0.060 is reached.

DOGEUSD(4 Hour Chart) - March 11.23.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 Coin Idol. Readers should do their own research before investing in funds.

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