Coinidol.com: Dogecoin Bounces Above $0.13 as Buyers Recover

Dogecoin's price has fallen to the projected 2.0 Fibonacci extension, or the $0.131 low.

DOGE price long-term prediction: bearish

The cryptocurrency has continued to retest the 21-day SMA barrier but has failed to sustain positive momentum above the current high. Since the price drop on October 10, sellers have maintained control, driving the price down to $0.13.

However, from November 21, as Coinidol.com reported, buyers have taken over to defend the current support level at $0.13. If sellers push Dogecoin below the $0.13 support, the price could fall as low as $0.10. For a bullish trend to begin, buyers must push the price above the 21-day SMA. DOGE is currently at $0.14.

Technical indicators

• Resistance Levels $0.45 and $0.50

• Support Levels – $0.30 and $0.25

Dogecoin price indicator reading

The 21-day SMA and the 50-day SMA have both declined significantly to the bottom of the chart. The 21-day SMA is acting as resistance as DOGE moves lower. On the 4-hour chart, the moving average lines are horizontal, with the 21-day SMA alternating below and above the 50-day SMA, indicating a sideways trend.

What is the next direction for Dogecoin?

Dogecoin's price is moving sideways, hovering just above the $0.13 barrier. The cryptocurrency is range-bound, trading above the $0.13 support and below the $0.155 resistance. Although the price has decreased, it is now consolidating above the $0.135 support. DOGE is likely to continue moving within this narrow range due to the presence of Doji candlesticks.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.