Dogecoin (DOGE) Price Long Term Prediction:

 

Dogecoin (DOGE) price continues to trade above the $0.13 support level since the April 11 crash.

Dogecoin (DOGE) Price Long Term Prediction: 

Today, DOGE price retested the current support and pulled back. The crypto asset is also trading above the 50-day SMA, but below the 21-day SMA. The altcoin squeezed between the moving averages last week.

Neither the bulls nor the bears have broken above the moving averages. Altcoins will trend when the moving averages are broken. For example, if the bulls break above the 21-day moving average, it would signal a resumption of the uptrend. DOGE will rise and recover its previous high of $0.17. On the other hand, if the bears break below the 50-day SMA, the market will drop to $0.11. Meanwhile, DOGE/USD is trading between the moving averages and above support at $0.13.

Dogecoin (DOGE) Indicator Readings:

Dogecoin’s Relative Strength Index is at level 45 in period 14.

The cryptocurrency is in the downside zone as it tends to fall. The bulls and bears are in balance as the cryptocurrency price sits between the moving averages. The market has fallen below 20% of the daily stochastic range. This means that the current selling pressure has reached bearish exhaustion. Once the market reaches the oversold zone, the altcoin will resume its rise.

Technical indicators:

Key Resistance Levels – $0.80 and $0.85

Key Support Levels – $0.45 and $0.40

What is the next direction for Dogecoin (DOGE)?

Dogecoin is in a downtrend but has resumed sideways trading within a tight range. Meanwhile, on April 7, the downtrend; a retracement candlestick tested the 78.6% Fibonacci retracement level. A retracement suggests DOGE will rise to Fibonacci extension levels at 1.272 or $0.13. Looking at the price action, DOGE price appears to be retesting the 1.272 Fibonacci extension level to initiate a possible trend reversal.

Disclaimer. This analysis and forecast only represents the author's personal views, does not constitute a recommendation to buy or sell cryptocurrencies, and should not be regarded as an endorsement by Coin Idol. Readers should do their own research before investing money.