DOGE Reaches Bearish Exhaustion But Rises Above $0.090

DOGE Reaches Bearish Exhaustion But Rises Above $0.090

Source Node: 2632758
Jul 09, 2024 at 12:23 // Price

The price of Dogecoin (DOGE) dropped to the predicted level of $0.09 on July 5. Cryptocurrency price analysis brought by Coinidol.com.

Dogecoin price long term 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 within 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 upside, the uptrend will resume when the price rises above the moving averages. On the downside, DOGE will fall below $0.10 and then rebound after reaching a low of $0.09. The value of the altcoin currently stands at $0.107.

Dogecoin indicator reading

On July 5, a bearish candlestick with a long tail indicates support near $0.09. The extended candle tail suggests 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.

DOGEUSD_( Daily chart) - July 8.24.png

Technical indicators

Key resistance levels $0.22 and $0.24


Key support levels – $0.14 and $0.12

What is the next direction for Dogecoin?

After its recent decline, DOGE has settled in a new price range of $0.090 to $0.114. The altcoin has slipped into oversold territory and has 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. The bullish movement will start when the price breaks above the 50-day SMA.

DOGEUSD_( 4 -Hour chart) -July 8.24.png

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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