Dogecoin Faces Rejection At $0.082 As It Drops Again

Feb 26, 2023 at 09:34 // Price
Coin Idol
As it continues to float above the $0.078 support, Dogecoin is in a downtrend

Dogecoin (DOGE) price is falling as it crosses below the moving average lines. The DOGE value has fallen to a low of $0.079.

Dogecoin price long term forecast: bearish

The altcoin is currently testing its recent low of $0.078. This will be the third test of the current support, which has held since January 18 despite the previous low. Nonetheless, selling pressure will intensify to a low of $0.070 if the current support is broken. On the other hand, if the current support holds, the altcoin will be forced to move within a range. The price of DOGE will fluctuate between $0.078 and $0.090. Nonetheless, the current decline has reached bearish fatigue. At the time of writing, the price of DOGE in US dollars is $0.081.

Dogecoin indicator display 

For the period 14, the relative strength index of the cryptocurrency asset has fallen to the value 42. The altcoin is in a bearish trend zone and could fall further. The cryptocurrency's price bars are below the moving average lines, which indicates a further decline. The moving average lines are horizontally flat due to the sideways trend.

DOGEUSD(Daily Chart) - February 25.23.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?

As it continues to float above the $0.078 support, Dogecoin is in a downtrend. Bullish candlesticks above the current support level indicate a likely uptrend for the cryptocurrency asset. Bulls have bought the decline in the lower time frame, as evidenced by the extended tail.

DOGEUSD(4 Hour Chart) - February 25.23.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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