Dogecoin Stays Above $0.24, But Risks A Decline

The price of Dogecoin (DOGE) has held steady above the $0.24 support since rebounding on February 3.

Dogecoin price long-term forecast: bearish

The altcoin has been trading above the $0.24 support but below the moving average lines for the past two weeks. The negative trend has stopped above the $0.24 support to the downside.

However, if DOGE loses the current support at $0.24, it will fall to the previous low of $0.20. The uptrend will start when the price breaks above the 21-day SMA. The price will resume its uptrend once it crosses above the 50-day SMA. The bullish momentum will continue to the 50-day SMA barrier.

Dogecoin will return to its high of $0.43. At the time of writing, DOGE is trading at $0.2439, according to Coinidol.com.

Dogecoin indicator reading

The decline has stopped above the $0.24 support, but the price bars are still below the moving average lines. The horizontal moving average lines indicate that DOGE is trending sideways. Doji candlesticks, which determine the price action, ensure that the altcoin is in a trading range.

Technical indicators

Key Resistance Levels $0.45 and $0.50

Key Support Levels – $0.30 and $0.25

What is the next direction for Dogecoin?

DOGE is trading above support at $0.24 but below resistance at $0.28. The altcoin is fluctuating below and above the moving average lines.

Today, the price bars are below the moving average lines. The uptrend is hindered by the 21-day SMA barrier.

Meanwhile, the altcoin has continued its consolidation below the moving average lines.

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 viewed as an endorsement by Coin Idol. Readers should do their research before investing in funds.

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