Dogecoin price consolidates and reaches decisive support at $0.070

Dogecoin price consolidates and reaches decisive support at $0.070

Jan 21, 2024, at 9:02 am // Price

Since the January 3, 2024 price drop, the Dogecoin price has fallen below the moving average line.

Dogecoin Price Forecast: Bearish Long-term

The selling pressure has stopped above the current level of support at $0.073. Over the last two weeks, the bears were unable to maintain their bearish momentum at the $0.070 support level.

The cryptocurrency did fall to lows as low as $0.074 or $0.075 but then corrected higher. DOGE currently trades at $0.074, below the moving-average lines. If the current support level breaks, then the market will drop above $0.070. The altcoin currently trades at $0.079.

Dogecoin indicator reading

The price bars remained below moving average lines over the last week, but price action stopped above current support. Price bars are characterized as small, unreliable candlesticks called dojis. DOGE shows a bearish cross with the 21-day SMA below the 50 day SMA.

Technical Indicators

Key Resistance Levels - $0.12 & $0.14

Key Support Levels - $0.06 and $0.05

What is the future of Dogecoin cryptocurrency?

DOGE's 4-hour chart shows a sideways movement after the January 3 price drop. The altcoin's price is hovering between $0.076 - $0.086. Moving average lines have restricted the upside. DOGE is on a downward trend as it has been rejected at the SMA 21-day.

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The DOGE/USD pair was predicted to fall even further, possibly as low as $0.070. The resistance at $0.087 was resisted by the moving average line.

Disclaimer. This analysis and forecast is the personal opinion of the author. It does not constitute a recommendation for the purchase or sale of cryptocurrency, and should not therefore be considered as a endorsement by CryptoGuestPosts. Before investing in funds, readers should research the market.


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