Although Dogecoin (DOGE) is bearish, it is limited by the moving average lines.
On February 15, buyers unsuccessfully tried to keep the price above the 21-day line SMA. The altcoin will start to decline when it reaches the low above the 50-day line SMA. Despite being held by the moving average lines, the cryptocurrency value fluctuates between $0.08 and $0.09. Since January 2023, the fluctuation range has not been broken. If the price drops below the 50-day line SMA, the altcoin could return to its previous low at $0.08. Once Dogecoin rises above the 21-day line SMA, it will resume its uptrend. The altcoin has been significantly rejected in the past at the highs of $0.09 and $0.10.
Dogecoin is at level 51 on the Relative Strength Index for period 14. The supply and demand for cryptocurrencies have balanced out, bringing the asset into equilibrium. As long as the price bars remain within the moving average lines, the altcoin is expected to continue its sideways movement.
Key resistance levels - $0.12 and $0.14
Key support levels - $0.06 and $0.04
Dogecoin is currently trading between the moving average lines and above the $0.08 support. At the high of $0.088, the upside correction is rejected. The altcoin has risen above the 50-day line SMA on the 4-hour chart, while it has fallen below the 21-day line SMA. The altcoin is generally likely to fluctuate between 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 Coin Idol. Readers should do their own research before investing in funds.