Dogecoin Stagnates Above $0.069 Support As Strong Buying Occurs

May 28, 2023 at 08:17 // Price
Author
Coin Idol
Dogecoin price is falling below the moving average lines

Dogecoin (DOGE) price is falling below the moving average lines.

Dogecoin price long-term forecast: bearish

Since May 11, the price has been stationary above the $0.069 support. Since May 11, the price of DOGE /USD has been restricted to a range between $0.069 and $0.0750. The 21-day line SMA and the resistance at $0.0750 have slowed down the upward movements. The presence of Doji candlesticks stalled the price movement. The Doji candlesticks show that both buyers and sellers are uncertain in which direction the market will move. The price indication at 1.272 of the Fibonacci extension or $0.069 suggests a likely decline and reversal to the negative. Price activity shows that there is strong buying at lower price levels.

Dogecoin indicator display

The Relative Strength Index (RSI) is at 40 for period 14. The RSI has not changed due to consolidation and the presence of Doji candlesticks. The price bars below the moving average lines increase the probability of a future decline. However, the decline has taken on a bearish pace.

DOGEUSD(Daily Chart) – May 27.23.jpg

Technical Indicators

Key resistance levels - $0.12 and $0.14

Key support levels - $0.06 and $0.04

What is the next direction for Dogecoin?

The price signal suggests that DOGE /USD has reached bearish exhaustion. As a result, the cryptocurrency price is settling above the $0.069 support. However, if the consolidation continues, the price may rally.

DOGEUSD_(4 –Hour Chart) - May 27.23.jpg

Disclaimer. This Analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing in funds.

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