Dogecoin Holds Above $0.10 Amid Strong Buying Demand

The price of Dogecoin (DOGE) has fallen between moving average lines since October 1. The negative trend was halted by the 50-day SMA.

Dogecoin price long-term prediction: bearish

Last week, the price of the cryptocurrency traded above the 50-day SMA support but below the 21-day SMA resistance. In other words, the altcoin is trading above the $0.10 support but below the $0.115 resistance. DOGE's price has been holding above the $0.10 low due to the moving average line restriction. If the bulls break the 21-day SMA, DOGE will retest the previous high of $0.132. 

However, if the bears break the 50-day SMA, the altcoin will drop to a low of $0.089. Meanwhile, the value of DOGE stands at $0.107.

Technical indicators

Resistance Levels $0.22 and $0.24

Support Levels – $0.14 and $0.12

DOGE indicator value

DOGE's price has been trapped since October 1 after falling recently. Neither the bulls nor the bears have been able to break free from their current captivity. The presence of doji candlesticks has caused the price action to remain steady.

What is the next direction for Dogecoin?

DOGE/USD has resumed a sideways trend after the price slump on October 1, as reported by Coinidol.com previously. The price bars are below the moving average lines, but the altcoin is range bound between the $0.10 and $0.115 price levels. The selling pressure has stopped, but long candlestick tails point to the current support at $0.10. These candlesticks indicate strong buying pressure above the $0.10 support.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.