Dogecoin Rises As Downside Momentum Peaks At $0.069

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

Dogecoin price long term forecast: bearish

On May 8, the altcoin hit a low of $0.069, indicating that the downward momentum for the cryptocurrency asset has peaked. Over the past five days, the cryptocurrency has consolidated above the $0.069 support level. DOGE is currently trading at $0.071. According to the price indication, DOGE will fall but then rise to the level of 1.272 Fibonacci extension or $0.070. DOGE will rise if the existing support continues to hold. The cryptocurrency will rise and try to break the $0.080 level again. If the resistance is overcome, the altcoin will rise to its all-time high of $0.095. Currently, DOGE is trading above the support level. The price movement was triggered by the presence of Doji candles.

Dogecoin indicator display

The Relative Strength Index for the period 14 is at the 35 level at DOGE. As it approaches the oversold zone, the altcoin is in a bearish trend. The decline is due to the fact that the price bars are still below the moving average lines. Above the daily stochastic threshold of 70, the cryptocurrency is in an uptrend.

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 downside momentum for this asset has peaked. The altcoin is regaining strength above the $0.070 support. The uptrend will start once the current support holds. The current price movement is dominated by Doji candlesticks, which have a small body and are unpredictable.

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. Readers should do their own research before investing in funds.

Source: Read Full Article