The price of Dogecoin (DOGE) continues to be in a downward correction. Today, the DOGE price is consolidating in a narrow range. The altcoin is trading at $0.24 at the time of writing.
The price movement has been marginal and insignificant. Dogecoin price movement is characterized by small candlesticks called doji and spinning tops. As long as the doji candlesticks dominate the price action, the price movement remains stagnant. The candlesticks indicate that buyers and sellers are indifferent to the direction of DOGE price. Nonetheless, selling pressure will pick up again if the bears break below support at $0.23.
First and foremost, the DOGE price is below the moving averages, which makes the altcoin vulnerable to further downside. Dogecoin is at level 42 on the Relative Strength Index for period 14. This indicates that DOGE is in the downtrend zone and may fall to the downside. The price of the cryptocurrency is above the 40% area of the daily stochastics. The stochastic bands are sloping horizontally, indicating a sideways trend.
Major Resistance Levels - $0.80 and $0.85
Major Support Levels - $0.45 and $0.40
DOGE/USD is in a downward correction. The price of the cryptocurrency is fluctuating between $0.23 and $0.26. The price bars are consolidating in the middle of the price range. The cryptocurrency is likely to continue the downward correction for a few more days.
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.