Dogecoin Revisits $0.16 Support as Sellers Threaten to Short

On June 21, Dogecoin (DOGE) fell to a previous low of $0.1650. This was the previous low before the resumption of the uptrend on April 23. At this low, the price recovered and retested the high at $0.30.

The upside correction failed to break the previous highs. This will lead to further downside movement in the cryptocurrency. On the downside, if the price breaks below $0.1650, the selling pressure will extend to the low of $0.10. On the upside, if the current support at $0.1650 holds, the market will resume an upward movement. Currently, Dogecoin is falling to the previous low. DOGE /USD is trading at $0.2323 at the time of writing.

Dogecoin Indicator Read 

DOGE has fallen to the 39 level on the Relative Strength Index for period 14. It indicates that the crypto is approaching the oversold region. The market is in the downtrend zone and below the midline 50. DOGE is below the 40% area of the daily stochastic. It indicates that the altcoin is in bearish momentum.

Technical Indicators: 

Major Resistance Levels - $0.80 and $0.85

Major Support Levels - $0.30 and $0.25

What is the next direction for Dogecoin?

Dogecoin is in a downward correction. The cryptocurrency has broken the critical support at $0.2900 while approaching the previous low at $0.1650. As price breaks the critical support, the bears want to push the crypto to $0.10 low.

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 funds.