Dogecoin Pulls Back And Recovers Above $0.090

The price of Dogecoin (DOGE) has been steadily falling below the moving average lines, reaching a low of $0.080 on August 5.

Long-term forecast for the DOGE price: bearish

The cryptocurrency has already declined after reaching a low of $0.080. DOGE has entered a sideways trend as the bulls have halted the decline above the $0.093 support. Nevertheless, price indications suggest that the downtrend above the $0.1036 support should have ended and reversed.

However, DOGE’s recovery has been hindered by the moving average lines and the $0.11 resistance level. Today, DOGE is trading in a tight range above the $0.093 support but below the moving averages. If the bears break the current support, the altcoin will fall to its previous low of $0.080. DOGE is currently worth $0.0963.

DOGE indicator reading

On the daily chart, the moving average lines have shifted dramatically downwards. The decline has briefly stopped above the $0.090 support. The price bars are below the moving average lines, indicating a possible decline. However, the selling pressure has exhausted itself as the price is trading above the $0.090 support.

What is the next direction for Dogecoin?

Dogecoin has reached bearish exhaustion with support above its low at $0.090. DOGE has been fluctuating above and below the moving average lines or between the support at $0.093 and the resistance at $0.11.

The positive trend of the altcoin will continue if buyers keep the price above the moving average lines and the resistance level of $0.11. However, DOGE will fall if it loses the $0.090 support.

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 CoinIdol.com. Readers should do their research before investing in funds.

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