Dogecoin's Range Widens As It Faces Further Rejection At $0.065

The latest price analysis by Coinidol.com report, Dogecoin (DOGE) price is currently below the $0.61 support, but is still trading at the bottom of the chart.

Dogecoin price long-term forecast: in range

The price of the altcoin has been fluctuating between $0.061 and $0.064 since August 18. At the high of $0.065, the upward trend of the price was stopped. The presence of doji candlesticks slowed down the price movement today.

On August 23, DOGE reached a high of $0.065 before the price bounced back. The cryptocurrency asset is now in a range of fluctuation. The candle tails show significant buying at lower price levels, which is a positive sign. The oversold area of the market is where Dogecoin is trading. A price rise will signal the beginning of an uptrend.

Dogecoin indicator display

DOGE is correcting upwards, reaching the value 35 of the Relative Strength Index for the period 14. The price bars are located at the bottom of the chart, below the moving average lines. The current price decline has reached a point of bearish exhaustion. The price of the cryptocurrency is currently trading above the Stochastic daily value of 75. The ascending rise has exhausted itself to the upside.

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?

Dogecoin is moving sideways, but only within a small price range of $0.061 and $0.064. The dominance of the doji candlesticks has caused the price movement to remain unchanged. If the cryptocurrency value recovers above the existing support, it will rise. On the other hand, it seems unlikely that the cryptocurrency will fall further.

Last week Coinidol.com reported that Dogecoin fell dramatically to as low as $0.050 before recovering and trading above the $0.060 support level. Today, the cryptocurrency asset has reached a high of $0.064 as we write this article. 

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 CoinIdol.com. Readers should do their research before investing in funds.