Dogecoin Collapses As It Encounters Rejection At $0.080

May 07, 2023 at 10:58 // Price
Coin Idol
DOGE is currently declining

Dogecoin (DOGE) price fell when the bears broke the 50-day line SMA.

Dogecoin price long term forecast: bearish

The cryptocurrency value has already been caught by the moving average lines. Selling pressure will intensify if the price falls below the 50-day line SMA. DOGE has collapsed and its price is now $0.077. On May 5, the altcoin corrected upwards but was rejected at the 50-day line SMA. The aversion reinforces the downward trend of Dogecoin. The price of DOGE will return to its previous low at $0.070 if the selling pressure continues. The altcoin is currently declining.

Dogecoin indicator display

The 14-period Relative Strength Index is currently at level 44. The altcoin has fallen further into the downtrend zone as a result of the recent decline. The price bars are currently below the moving average lines, which will prompt DOGE to decline. Dogecoin is currently in a downward momentum below the daily stochastic threshold of 40.

DOGEUSD(Daily Chart) – May 6.23.jpg

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?

Since the price decline on April 21, a straight line has been drawn by DOGE /USD. The cryptocurrency's value has fluctuated between $0.076 and $0.082 recently. The altcoin is falling as it crosses below the moving average lines. It is predicted that the altcoin will fall to its previous low of $0.070.

DOGEUSD(4 –Hour Chart) - May 6.23.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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