Dogecoin Sideways Trend Continues, Price Remains Stable Above $0.060

Oct 08, 2023 at 11:11 // Price
Author
Coin Idol
Dogecoin sideways trend continues

Cryptocurrency analysts of Coinidol.com report, the price of Dogecoin (DOGE) has remained unchanged above the $0.060 support level.

Dogecoin price long term forecast: ranging

Apart from the rally on October 1, there was no price change. The altcoin rose on October 1 and surpassed the moving average lines. The 50-day line SMA or resistance at $0.063 stopped the upward momentum. In the past five days, the altcoin traded below the 21-day line SMA. The price movement was minimal and insignificant above the existing support. The altcoin will experience a significant bounce if it recovers above the current support. DOGE is trading at $0.061 at the time of writing.

Dogecoin indicator display

DOGE price bars are below the moving average lines. Although DOGE is below the moving average lines, it does not seem likely to fall further. The altcoin is reportedly oversold. The horizontal slope of the moving average lines indicates the trend.

DOGEUSD - (Daily Chart) – OCT. 8.23.jpg

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

What's next for Dogecoin?

The fluctuation range of Dogecoin will continue as long as there are doji candlesticks. Candlesticks show that traders are not interested in the direction of the market. The price has not changed. The cryptocurrency has wedged itself between the moving average lines in a shorter time frame. A sideways movement is expected in the long term.

DOGEUSD_ (4 Hour Chart) – OCT. 8.23.jpg

As we reported on October 1, the cryptocurrency value has been moving above the $0.060 support since August 17, but below the 50-day line SMA. On the other hand, the price of DOGE /USD is moving between $0.060 and $0.063. 

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 CoinIdol.com. Readers should do their research before investing in funds.

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