Dogecoin Holds Above $0.090 As Investors Rally

Sep 01, 2024 at 15:42 // Price
Author
Coin Idol
It is likely that DOGE will continue its move below the moving average lines

The price of Dogecoin (DOGE) has fallen below the 21-day moving average line after being trapped between the two.

The bulls tried to hold the price above the 50-day moving average line but failed to do so. It is likely that DOGE will continue its move below the moving average lines. 

DOGE price long-term prediction: bearish

On the downside, the bulls have halted the price slide above the $0.09 support and the altcoin has started a range-bound move above and below the moving average lines.

According to the price analysis by Coinidol.com, currently the selling pressure has eased. The price signal indicates a likely reversal above the $0.10 support. However, if the bears break the current support of $0.090, the market would fall to its previous low of $0.080.

Dogecoin price indicators reading

The moving average lines are sloping horizontally while the sideways trend continues. DOGE will fall if the price bars remain below the moving average lines. However, a break above the 21-day SMA will force the altcoin into an uptrend. But the price action is static due to the doji candlesticks.

Technical indicators

Major Resistance Levels $0.22 and $0.24

Major Support Levels – $0.14 and $0.12

DOGEUSD_( Daily chart) - AUG.31.jpg

What is the next direction for Dogecoin?

DOGE will continue its range-bound movement after retracing below the moving average lines. The cryptocurrency will trade above $0.090 but below the moving average lines or resistance at $0.11. The altcoin will resume its trend if the buyers keep the price above the moving average lines and the positive momentum is maintained.

DOGEUSD_( Weekly chart) - AUG.31.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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