Dogecoin Falls Sharply As It Reaches The Next Support At $0.070

Mar 04, 2023 at 10:27 // Price
Coin Idol
Dogecoin is holding above the $0.075 support after the recent decline

Dogecoin (DOGE) price, which reached a low of $0.071, has since declined and is now below the moving average lines.

Dogecoin price long term forecast: bearish

As the price breaks below the existing support, selling pressure is expected to increase towards the negative. Since a price decline on February 9, the Dogecoin price has been confined to a range between $0.078 and $0.090. Nevertheless, on March 3, the price of the cryptocurrency fell below the level of the previous support and continued the downward trend. The price of the cryptocurrency has dropped and is moving towards the next support level, which is $0.070. If the resistance level at $0.070 holds, the price of DOGE will rise again. If not, it will fall back to $0.066, its previous low. The price of DOGE /USD is $0.076 at the time of writing.

Dogecoin indicator display

The Relative Strength Index for period 14 is at 35, and the altcoin can fall much further as it approaches the oversold area of the market. The Daily Stochastic is at 20, which is below the price of the coin and indicates an oversold condition. The cryptocurrency is trending upwards again, but the upward momentum has lost steam. As the price bars are below the moving average lines, the price has dropped.

DOGEUSD(Daily Chart) - March 4.23.jpg

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?

Dogecoin is holding above the $0.075 support after the recent decline. As it faces rejection at the high of $0.077, the current slide has continued. If the price of the cryptocurrency asset falls below the $0.075 support, it will approach the next support.

DOGEUSD(4 Hour Chart) - March 4.23.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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