Dogecoin (DOGE) price dropped to a predicted $0.09 level on July 5. Cryptocurrency price analysis provided by Coinidol.com.
Dogecoin Long Term Price Forecast: Bearish
Since the price drop on June 18, DOGE has been trading between $0.114 and below the moving average lines. The negative trend broke below the support levels of $0.114 and $0.10 but recovered above the low of $0.09. On July 5, the bulls bought the dips and started a rally in the trading range between the support of $0.105 and below the moving average lines. DOGE is correcting upwards above the current support of $0.10. On the other hand, the uptrend will resume when the price rises above the moving averages. On the other hand, DOGE will fall below $0.10 and then recover after reaching the low of $0.09. The current value of the altcoin is $0.107.
Dogecoin indicator readings
On July 5, a long-tailed bearish candlestick points to support near $0.09. The extended tail of the candlestick indicates significant buying pressure at the $0.090 support level. According to the price indicator, DOGE will resume its bullish momentum above the $0.090 support.
Technical indicators
Key resistance levels $0.22 and $0.24
Key support levels are $0.14 and $0.12
What is the future direction of Dogecoin?
After the recent decline, DOGE settled in a new price range from $0.090 to $0.114. The altcoin has slipped into the oversold zone and reached bearish exhaustion. On the 4-hour chart, the cryptocurrency has been trapped between the moving average lines for several days. It is above the 21-day SMA but below the 50-day SMA. A bullish move will begin when the price breaks the 50-day SMA.
Disclaimer: This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.
