Dogecoin Consolidates Between $0.050 and $0.060, Uptrend Resumption Likely

Presently, the DOGE/USD price has been in a downward move. However, the altcoin has been in a range-bound move between $0.045 and $0.060.

Today, the market is rising after falling to the lower price range. For the past month, the bulls have not been able to break the $0.060 resistance level. In March, buyers made two unsuccessful attempts to break the resistance but were repelled. This aggravated the range-bound movement for the past two months. The small body candlesticks called Doji and Spinning tops have indicated that buyers and sellers are in a period of indecision. Besides, the price movement has been insignificant. DOGE is trading at $0.0528 at the time of writing.

Dogecoin indicator reading 

DOGE price is below 21-day and 50-day SMAs which indicates that the market will fall. The altcoin is at level 46 of the Relative Strength Index period 14. DOGE/USD is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping horizontally indicating that the altcoin is in a range bound move.

Technical indicators:  

Major Resistance Levels – $0.090 and $0.10

Major Support Levels – $0.040 and $0.030

What is the next direction for Dogecoin?

Dogecoin is in a downward move. On March 23 downtrend, the market dropped to $0.0528 low. However, the retraced candle body tested the 61.8 % Fibonacci retracement level. This implies that price will fall to level 1.618 Fibonacci extension or the low of $0.0477. The downtrend will resume if the altcoin faces rejection at the recent high.

Disclaimer. This analysis and forecast are the personal opinions of the author 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.