Dogecoin Price Slumps As It Revisits Its $0.20 Low

The price of Dogecoin (DOGE) has started to move sideways after falling on August 2.

Dogecoin price long-term prediction: ranging 

The cryptocurrency's current price range is between the $0.19 support and the $0.24 resistance. On the upside, buyers have made two unsuccessful attempts to keep the price above the $0.24 mark.

On August 10, DOGE was beaten back at the $0.24 barrier as it approached the moving average lines. If the bears break above the moving averages, DOGE will retest its previous low at $0.19.

However, as long as the 21-day SMA support holds, DOGE will continue to rise. The altcoin will rise and challenge the $0.24 resistance level. At the time of writing, DOGE was trading at $0.22.

DOGE indicator reading

The price bars have been moving both below and above the horizontal moving average lines. Today, bulls and bears are battling for price control above the 21-day SMA support.

Currently, the bulls are successful as the crypto price remains above the 21-day SMA support. The price bars, on the other hand, are between the moving average lines on the 4-hour chart. DOGE will be forced to move between the moving average lines.

Technical indicators

Key Resistance Levels $0.45 and $0.50

Key Support Levels – $0.30 and $0.25

What is the next direction for Dogecoin?

DOGE has been trading in a narrow range between the support at $0.19 and the high at $0.24 since the 2nd of August. On the 4-hour chart (below), DOGE has slipped between the moving average lines and has been rejected twice at the $0.24 level. If the downtrend is broken below the 50-day SMA support, the negative momentum will continue to the $0.20 low.

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.