Dogecoin Price Fluctuates Above $0.148 As Traders Become Hesitant

Dogecoin Price Fluctuates Above $0.148 As Traders Become Hesitant

Source Node: 2602149
Jun 10, 2024 at 11:02 // Price

The price of Dogecoin (DOGE) has fallen below the moving average lines, previously trapped between the moving average lines.

Long-term forecast for the Dogecoin price: bearish

On June 7, the altcoin fell to a low of $0.139 before recovering.

On the downside, selling pressure will build up to a low of $0.12. DOGE has been trading above the $0.12 support level since March 19 and has recovered from there. However, should the bears break the previous low of $0.12, the market would fall much further to $0.114. At the time of writing, DOGE is trading at $0.146.

Dogecoin indicator reading

After the price drop on June 7, the price bars are now below the moving average. The 4-hour chart for DOGE shows a bearish crossover. The 21-day SMA has crossed below the 50-day SMA, predicting a further decline in the cryptocurrency.

Technical indicators

Key resistance levels – $0.22 and $0.24

Key support levels – $0.14 and $0.12

DOGEUSD_( Daily chart) - June 9.jpg

What is the next direction for Dogecoin?

DOGE is trading below the moving average lines and could fall even lower if it loses its previous low of $0.12. On the 4-hour chart, the decline has slowed above the $0.148 support. DOGE has been consolidating above its current support over the last 48 hours. Dojis are small, uncertain candlesticks. Doji candlesticks indicate that traders have reached a point of hesitation.

DOGEUSD_( 4 -Hour chart) -June 9.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 CoinIdol.com. Readers should do their research before investing in funds.

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