Dogecoin Remains At $0.128 Amid Risk Of Short Selling By Bears

Dogecoin (DOGE) has fallen below the moving average lines and hit a low of $0.114. The previous price range of $0.12 to $0.18 has been breached as the altcoin is trading above $0.12 but below the 21-day SMA.

Long-term forecast for the Dogecoin price: bearish

On June 18, the bears broke the $0.12 support and sent the altcoin to a low of $0.114. The bulls bought the dips and pushed DOGE above the $0.12 support. The bulls and bears continue to battle for price control.

If DOGE recovers from its current support, it will rise above the moving average lines. The positive momentum will continue to the previous high of $0.18. If the current support is broken, DOGE will fall to lows of $0.10 and $0.08. The value of the altcoin currently stands at $0.123.

Dogecoin indicator reading

DOGE is in a narrow range as the price bars are below the moving average lines. The crypto asset is approaching the possibility of a price surge or a collapse. The altcoin risks a decline as it is in the bearish trend zone. The price movement has remained stationary due to the doji candlesticks.

Technical indicators

Key resistance levels - $0.22 and $0.24

Key support levels – $0.14 and $0.12

What is the next direction for Dogecoin?

The 4-hour chart shows that DOGE is trading between the support at $0.112 and the resistance at $0.128. The uptrend was interrupted twice at the high of $0.128. If the altcoin continues to be rejected at its recent high, it will fall.

Previously DOGE was sending out a bearish signal, suggesting that the cryptocurrency value may fall, as reported by Coinidol.com on June 18.  

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.