Dogecoin Falls Back To Its Narrow Range And Holds Above $0.07 Support

Feb 11, 2023 at 11:30 // Price
Coin Idol
Dogecoin is once again trading in a narrow range

Dogecoin (DOGE) price, rejected at the high of $0.10, is currently in the downtrend zone.

Dogecoin price long term forecast: bullish

The barrier at $0.09 was breached during the last price action, but it was beaten back. The value of the digital currency did not return to its previous high of $0.11. The price of DOGE fell to a low of $0.078 today before reversing course and rising above the moving average lines. The altcoin had fallen to its previous low on January 18. Between $0.07 and $0.09, DOGE is expected to continue its movement within the trading range. Buyers broke through the $0.09 resistance on January 31, but were unable to maintain the upward momentum above it. Dogecoin is once again trading in a narrow range between $0.07 and $0.09 per unit.

Dogecoin indicator display

The downtrend zone has been reached by the coin. For the period 14, it is at the 42 level of the Relative Strength Index. The altcoin can fall even lower. The moving average lines are below the price bars, which indicates a further decline. Above the daily stochastic level of 25, DOGE is in a bullish momentum. Momentum in favor of the bulls is shaky.

DOGEUSD(Daily Chart) - February 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?

The price of Dogecoin is falling as it approaches the trading range. As it consolidates above it, the cryptocurrency has fallen to the lower price range. It is likely that DOGE will resume its movement between $0.07 and $0.09.

DOGEUSD(4 hour Chart) - February 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.

Show comments(0 comments)