Dogecoin Risks Decline As It Faces Rejection At 0.076

Aug 07, 2023 at 12:26 // Price
Coin Idol
DOGE will resume its sideways trend

Cryptocurrency analysts of report, Dogecoin (DOGE) price is trading above the moving average lines, but it could fall.

Dogecoin price long-term forecast: bullish 

The uptrend is challenged around the high of 0.085. If the price falls below the moving average lines, the current uptrend will end and DOGE will resume its sideways trend. DOGE on the other hand, if the cryptocurrency price returns above the moving average lines, the altcoin will rise. The altcoin will rise and retest the $0.085 level. If the current resistance is broken, the bullish momentum will expand to a high of $0.09.

Dogecoin indicator display

DOGE is in an uptrend as the Relative Strength Index for the 14 period reaches a level of 53. If the price drops below the 21-day line SMA, the altcoin will resume its sideways trend. Dogecoin gains momentum above the daily stochastic threshold of 50.

DOGEUSD_(Daily Chart) – AUG. 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?

Dogecoin is currently in an uptrend. The bears are trying to break below the 21-day simple moving average. If the bears are successful, the current uptrend will end. Otherwise, the uptrend will continue.

DOGEUSD_(4 Hour Chart) – AUG.6.23.jpg

As we reported on Jul 30, 2023, the altcoin has recovered from its previous downturn. Since June 10, the cryptocurrency's price has reached a series of higher highs and higher lows. 

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 Readers should do their own research before investing in funds.

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