Dogecoin Consolidates Above $0.06 as Buyers and Sellers Show Indifference

Dogecoin (DOGE) is in a downward correction as it trades just above the $0.060 support level. Over the past five days, the DOGE price has fluctuated between $0.061 and $0.064 price levels.

The price movement was insignificant as small indecisive doji candles formed. If buyers push the altcoin above the moving average lines, DOGE price will reach the highs of $0.08 and $0.09. On the other hand, if DOGE fails to reach the moving average lines, Dogecoin will fall to the current support at $0.05. However, if the current support is broken, the downtrend will resume. 

Dogecoin indicator reading

Dogecoin is at level 42 of the Relative Strength Index for the period 14. The RSI has remained the same due to the insignificant price movement. The altcoin will continue to fall in the downtrend area. DOGE price bars are below the moving average lines, indicating further downward movement. The 21-day line SMA and the 50-day line SMA are sloping south, indicating the downtrend.

Technical indicators:  

Major Resistance Levels – $0.12 and $0.14

Major Support Levels – $0.06 and $0.04

What is the next direction for Dogecoin?

Dogecoin has reached bearish exhaustion as the altcoin has resumed its upward correction. The 21-day line SMA has slowed down further upward movement of the cryptocurrency. DOGE will continue its movement within the trading range until there is a price recovery or breakout.

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 funds.