Dogecoin Price Consolidates And Holds Above $0.078

Feb 05, 2024 at 08:26 // Price
Coin Idol

The price of Dogecoin (DOGE) has fallen below the moving average lines but above the $0.078 support.

Long-term outlook for the Dogecoin price: bearish

Since January 3, selling pressure has stalled above the $0.078 support. The bears have failed to sustain the bearish momentum until the recent low above the $0.070 support.

On the upside, the altcoin is capable of a price rise above the current support. DOGE price will rise above the 21-day SMA if the altcoin rebounds. The bullish momentum will extend above the 50-day SMA or the $0.084 support. In the meantime, the altcoin is fluctuating between $0.076 and $0.082.

Dogecoin indicator reading

The horizontal moving average lines run diagonally across the price bars. The price bars are doji candlesticks consolidating above the current support at $0.078. The price action contains a series of small, indecisive candlesticks called doji.

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

DOGEUSD_ (4 Hour Chart) –FEB.03.jpg

What is the next direction for Dogecoin?

DOGE has been in a range between $0.078 and $0.082 since Jan. 3. In the last month, DOGE has yet to show any trend as it remains trapped between the moving average lines. The price movement is stagnant above the current support due to the existence of doji lights.

DOGEUSD_ (Daily Chart) –FEB.03.jpg reported on January 29 that DOGE was trading between $0.076 and $0.086. The decline has eased as the altcoin consolidated above the support level of $0.076. 

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 the research before investing in funds.

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