Dogecoin Cannot Exceed $0.066, Threatens To Fall To A Low Of $0.055

Oct 09, 2022 at 16:30 // Price
Coin Idol

Dogecoin (DOGE) price is bearish after failing to break through resistance at $0.066.

Dogecoin (DOGE) Price Long Term Forecast: Bearish 

On October 4, buyers pushed DOGE above the moving average lines but failed to break above resistance. DOGE will regain its bullish momentum and regain the previous high of $0.089 if buyers are successful. The current decline is the third unsuccessful attempt by buyers to break the resistance level. The cryptocurrency has fallen to the low of $0.062. It is expected to fall further to the low of $0.056. If the altcoin falls below the 50-day line SMA, it will move back within the trading range.

Dogecoin (DOGE) Indicator Reading 

Dogecoin has reached the equilibrium price level at the 50 level of the Relative Strength Index for the 14 period. There is a balance between supply and demand. The altcoin could continue its price fluctuation if it drops below the 50-day line SMA. The price of the cryptocurrency has fallen into oversold territory as it is below the 20% area of the daily stochastic. The selling pressure has reached the bearish exhaustion.

DOGEUSD (4 Hour Chart) - October 8, 2022.jpg

Technical Indicators:

Key resistance levels - $0.08 and $0.10
Key support levels - $0.07 and $0.05

What is the next direction for Dogecoin (DOGE)?

Dogecoin is falling after its rejection of the recent high. On September 26, DOGE corrected upwards and the candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that DOGE will fall to the 1.618 Fibonacci extension level or the $0.055 level.

DOGEUSD (Daily Chart) - October 8, 2022.jpg

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 in funds.

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