Dogecoin Is In A Fluctuation Range As It Is Not Able To Establish A Positive Trend

Cryptocurrency analysts of Coinidol.com report, Dogecoin (DOGE) has remained trapped in a range since the bearish breakdown on June 10.

Dogecoin price long-term forecast: bearish

Over the past month, the cryptocurrency has traded between $0.060 and $0.070. On the downside, the negative trend has slowed down as the bulls bought the decline at $0.053. The cryptocurrency has risen above the $0.060 support level, but has yet to break the recent high.

Since June 23, buyers have been desperately trying to break through resistance at $0.070, or the 50-day simple moving average. If buyers break through resistance at $0.070, DOGE will rise to highs between $0.080 and $0.095 per share. If buyers fail to break through the recent high, the move will continue within the trading range. Meanwhile, DOGE has slipped below the moving average lines after rejecting the recent high.

Dogecoin indicator read

Dogecoin has fallen below the 47 level of the Relative Strength Index for the 14 period. It is in a negative trend and may crash. The price bars have fallen below the moving average lines, indicating a price decline. DOGE was trading in the oversold zone of the market. It is below the stochastic daily value of 20. Bearish fatigue has been reached on this altcoin.

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?

DOGE/USD has not been able to restore a positive trend. Judging by the price action, the altcoin will remain in a range between $0.060 and $0.070 as it fails to break the recent high. As the market approaches the oversold zone, the current support is holding.

On Jul 03, 2023, Coinidol.com reported that: Dogecoin (DOGE) price has recovered, although it has been stuck in a range since June 10. In other words, Dogecoin is fluctuating between $0.06 and $0.070. 

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 own research before investing in funds.