The price of Dogecoin (DOGE) continues to fall and breaks below the existing support at $0.14. Price analysis by Coinidol.com.
Long-term forecast for the Dogecoin price: bearish
DOGE price has been hovering above the $0.14 support and below the moving average lines. However, the bears outperformed the bulls and DOGE fell to a low of $0.13. On the downside, DOGE is expected to test its previous low of $0.12. Since March 3, 2024, the current support level of $0.12 has held. The extended candlestick tails pointing to the $0.12 support suggest significant buying pressure at lower prices.
Dogecoin indicator reading
On both charts, the DOGE price bars are below the moving average lines, indicating that the cryptocurrency will continue to fall. Dogecoin is approaching its historic low of $12. The altcoin has slipped into the oversold territory of the market.
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?
DOGE is bearish after breaking through the current support level of $0.14. In the past, the altcoin’s price range has been between $0.14 and $0.16. Currently, the altcoin is falling steadily after breaking the current support at $0.14. If the altcoin falls below $0.12, the bulls will defend the drop and buy.
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.