Dogecoin Risks Further Decline In Fight Against High At $0.065

Aug 20, 2023 at 14:52 // Price
Coin Idol
Dogecoin risks further decline

Cryptocurrency price analysis brought by Dogecoin (DOGE) fell and reached its bearish limit.

Dogecoin price long term forecast: bullish

Dogecoin fell dramatically to as low as $0.050 before recovering and trading above the $0.060 support level. Today, the cryptocurrency asset has reached a high of $0.064 as we write this article.

After the losses, the bulls bought the dips as the altcoin resumed its upward movement. On the upside, the bullish momentum is likely to face resistance at the high of $0.070 or the moving average lines. If the last high is rejected, the altcoin will be forced to continue its movement below the resistance level. In other words: If DOGE /USD fails to break the recent high, it will trade between $0.060 and $0.070.

Dogecoin indicator display

DOGE has reached the oversold area of the Relative Strength Index at the 27 level for the 14 period. When the coin rises, buyers show up in the oversold region. The coin is currently correcting upwards above the 50 level of the daily stochastic. Despite the upward correction, the altcoin is still in the downtrend zone.

DOGEUSD_(Daily Chart) – AUG. 20.23.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 has reached bearish exhaustion, but the price is correcting upwards. The upward correction is currently rejected at the high of $0.065. If buyers fail to break the current high, selling pressure will resume. Meanwhile, Doji candlesticks are shaping the market.

DOGEUSD_(4 Hour Chart) – AUG.20.23.jpg

On August 13, 2023 cryptocurrency analytics specialists of stated that Dogecoin (DOGE) price is trying to retake its recent high of $0.085. If the current resistance is broken, DOGE is likely to rise even further than its previous high. 

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 Readers should do their research before investing in funds.

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