Dogecoin Circles Above $0.057 Low And Resumes Its Ascent

Cryptocurrency price analysis brought by Coinidol.com. Dogecoin (DOGE) price is falling below the moving average lines.

Dogecoin price long term forecast: bearish

The cryptocurrency asset lost value last week as the bears broke the price range of $0.060 to $0.064. The moving average lines have slowed down the upward movement, which extended to the $0.056 support. At the time of writing, Dogecoin is worth $0.058. The price has not changed above the current support. The price has been circling above the $0.056 support since October 9. The altcoin will continue to fall if the current support level is lost until it reaches the $0.055 support. DOGE will see an uptrend if the price rises above the moving average line and the barrier at $0.064.

Dogecoin indicator display

The price bars for the cryptocurrency are below the moving average lines, leading to a decline below $0.060. The altcoin tends to fall as long as the price bars are below the moving average lines. The scenario is the opposite when the price bars are above the moving average lines.

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

What is the next direction for Dogecoin?

The downtrend has already reached a level above the $0.057 support. The price indicator predicts that DOGE will fall to the 1.618 level of the Fibonacci extension or the $0.057 level. In the shorter term, the price has crossed the 21-day line SMA, but resistance at $0.059 remains.

Last week Coinidol.com reported that apart from the rally on October 1, there was no price change. The altcoin rose on October 1 and surpassed the moving average lines. 

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 CoinIdol.com. Readers should do their research before investing in funds.