Dogecoin Moves Within A Range While Facing Rejection At $0.075

May 21, 2023 at 09:41 // Price
Coin Idol
Dogecoin moves within a range

Dogecoin (DOGE) price has reached bearish exhaustion since its price decline on May 8.

Dogecoin price long-term forecast: bearish

The cryptocurrency asset began consolidating above the $0.069 support not long after the decline. On May 17, DOGE rose, but the 21-day line SMA resisted it. At this point, the altcoin is trading at $0.073. Long downward candlestick tails indicate the current support. Candlestick tails indicate active buying at lower price levels. The current support level of $0.069 or $0.070 is likely to hold. The price signal indicates a possible decline and reversal at $0.068. DOGE will resume its uptrend if buyers manage to keep the price above the moving average lines or the barrier at $0.080.

Dogecoin indicator display

The price of DOGE has not changed since May 8 as Doji candlesticks have formed. As a result, the Relative Strength Index remained at the level of 41. Ultimately, the bearish trend zone poses a risk to the downside of DOGE. A possible decline is indicated by the price bars below the moving average lines.

DOGEUSD_(Daily Chart) – May 20.23.jpg

Technical indicators

Key resistance levels - $0.12 and $0.14

Key support levels - $0.06 and $0.04

What's next for Dogecoin?

Since May 8, DOGE /USD has maintained its consolidation above recent support and slowed the downtrend. On the 4-hour chart, the cryptocurrency value is fluctuating between the moving average lines. This indicates that the altcoin will move in a range for a short period of time.

DOGEUSD_(4 –Hour Chart) - May 20.23.jpg

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.

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