Coinidol.com provides a cryptocurrency price analysis report. The price of Dogecoin (DOGE) is currently dipping below the moving average lines.
Long-term Dogecoin price prediction: pessimistic
Last week, the cryptocurrency asset experienced a depreciation in value as bearish forces breached the price range of $0.060 to $0.064. The momentum of the upward movement has been hampered by the moving average lines, resulting in a descent to the $0.056 support. At the time of this report, Dogecoin is valued at $0.058, with the price maintaining its position at the current support level. Since October 9, the price has been oscillating above the $0.056 support.
Should the existing support level be breached, the altcoin is likely to continue its descent until it reaches the $0.055 support. Conversely, an upturn in DOGE’s fortunes will materialize if the price surpasses the moving average line and the resistance barrier at $0.064.
Dogecoin indicator presentation
The cryptocurrency’s price bars are currently situated beneath the moving average lines, resulting in a decline below the $0.060 mark. Historically, when the price bars remain below the moving average lines, the altcoin generally experiences a downtrend. Conversely, when the price bars are positioned above the moving average lines, the situation tends to be reversed.
Technical indicators
Key resistance levels – $0.12 and $0.14
Key support levels – $0.06 and $0.04
What lies ahead in Dogecoin’s future?
The ongoing downward movement has currently touched a point just above the $0.057 support level. The price indicator suggests a potential further decline for DOGE, targeting either the 1.618 level of the Fibonacci extension or the $0.057 mark. In the short term, the price has managed to surpass the 21-day Simple Moving Average (SMA), but it’s encountering resistance around $0.059.
In their report last week, Coinidol.com noted that aside from the surge on October 1, there was little to no price movement. On that specific day, the altcoin experienced an increase and surpassed the moving average lines.