Dogecoin Holds $0.069 Support On The Way Up

Jun 05, 2023 at 08:48 // Price
Coin Idol
Dogecoin price has fluctuated only slightly

Dogecoin (DOGE) price has fluctuated only slightly since its decline on May 8.

Dogecoin price long term forecast: bearish

The downtrend has ended since May 8, when the altcoin's price fluctuated between $0.070 and $0.075. The barriers at $0.075 and the moving average lines have slowed down higher movements in the price so far. At the time of writing, one DOGE is currently worth $0.072. Dogecoin's rising momentum has since resumed. If buyers keep the price near the moving average lines or the barrier at $0.080, the altcoin will resume its uptrend. At $0.095, DOGE will surpass its previous record high. On the downside, the bulls are holding support at $0.069 as it continues to move higher.

Dogecoin indicator display

The Relative Strength Index for the 14 period shows that Dogecoin is correcting upwards from level 47. The altcoin is still in the downtrend zone despite the uptrend reversal. Price activity is continuously fluctuating below and above the 21-day line SMA. It is unlikely that DOGE will fall back to its previous low. The bullish momentum is slowing down below the stochastic value of 75 on the daily chart.

DOGEUSD(Daily Chart) – June 4.23.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?

The 21-day moving average line is being tested by the cryptocurrency. It is currently bouncing below and above the 21-day line SMA. If the bullish momentum stays above this line, the altcoin will continue its positive run. Doji candlesticks, which slow down the price movement, continue to be the dominant feature of the price action.

DOGEUSD_(4 –Hour Chart) – June 4.23.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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