Dogecoin Moves Above $0.080 But Faces Another Decline

Dogecoin (DOGE) price is now in a negative trend after falling below the moving average lines.

Long-term forecast for the Dogecoin price: bearish

The cryptocurrency fell after being rejected at $0.14, or the 21-day SMA. DOGE fell to $0.080 today but then recovered. The bulls bought the dips and the market corrected higher.
However, prices suggest that DOGE could rise again.

During the price decline on July 2, a candle body tested the 61.8% Fibonacci retracement, as reported before by Coinidol.com. The 61.8% Fibonacci retracement level suggests that DOGE will fall to the 1.618 Fibonacci extension or $0.058. On August 5, DOGE fell back after reaching a low of $0.080. At the time of writing, the altcoin is valued at $0.099.

Dogecoin indicator reading

The price bars are below the moving average lines, suggesting that DOGE will continue its decline. It is currently correcting upwards but could be rejected at the recent high. The altcoin is trading modestly due to the presence of doji candlesticks.

Technical indicators

Key Resistance Levels $0.22 and $0.24

Key Support Levels – $0.14 and $0.12

What is the next direction for Dogecoin?

DOGE's slide has come to a halt after hitting a low of $0.080. It is trading above the $0.094 support but below the moving averages. The market trend remains gloomy, although selling pressure has eased. The price bars have stabilised above the current support thanks to the doji candlesticks.

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.