Dogecoin Holds Above $0.07 And Continues Its Erratic Movement

Dogecoin (DOGE) price is falling as it crosses below the moving average lines.

Dogecoin price long term forecast: bearish

DOGE fell to a low of $0.07 yesterday as bulls bought the dips. As buyers continue to negotiate price increases, existing support has held over the past month. Sellers have been trying to break the existing support for a third time since November 9. Each time the cryptocurrency retests the current support, the bulls will buy the dips. To retest the resistance at the recent high, DOGE is gaining value at the moment. On the plus side, the market will rise to its previous highs of $0.11 and $0.12 if buyers manage to keep the price above the moving average lines or the resistance level at $0.10. Dogecoin is worth $0.07 at the time of writing.

Dogecoin indicator display 

The Relative Strength Index of DOGE is now at 36. As the bulls have bought the dips, the RSI is rising. The cryptocurrency is below the daily Stochastic of 20. The oversold area of the market is where the altcoin is trading now. In the oversold area, buyers show up and push the prices up.

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?

To continue the upward movement, the cryptocurrency jumps above the important support level of $0.07. The altcoin had already challenged the support levels on November 9 and 21 and resumed its upward movement. Dogecoin's price will move erratically between $0.07 and $0.09 during this period.

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.