Dogecoin Faces Another Rejection As It Targets Low Of $0.055

Sep 12, 2023 at 07:48 // Price
Author
Coin Idol
Dogecoin is currently in decline

Cryptocurrency price Analysis brought by Coinidol.com. Dogecoin (DOGE) price has remained in a range, although it will continue to fall.

Dogecoin price long-term forecast: fluctuating

On September 10, the cryptocurrency value fell even further, reaching a low of $0.059. The decline has slowed down as the bulls bought the dips. The 21-day line SMA and the barrier at $0.063 have stopped the upward movement.

Since the August 17 plunge, DOGE has never risen above the moving average lines. At the time of writing, Dogecoin is trading at $0.061. The altcoin is priced between $0.059 and $0.063. If the current support is broken, the altcoin will return to its previous low of $0.055. The bears currently have the upper hand while the cryptocurrency is falling.

Dogecoin indicator display

The cryptocurrency is falling as it exceeds the Relative Strength Index level of 33 for the period 14. Yesterday, the DOGE price bumped off the 21-day line SMA as the cryptocurrency continued to fall.

DOGE will continue to fall as long as the price bars are below the moving average lines. The altcoin fell because it is in a downtrend below the daily stochastic level of 40.

DOGEUSD - (Daily Chart) – Sept. 11.23.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?

Dogecoin has been restricted to a price range of $0.059 to $0.063. The altcoin is currently in decline as it faces another rejection at $0.062. The price of the altcoin could fall to the previous low of $0.055. DOGE could recover if it reaches its previous low of $0.055 again.

DOGEUSD_ (4 Hour Chart) – Sept.11.23.jpg

Last week Coinidol.com reported that DOGE price recovered on August 29, but failed to break the moving average lines. The price fell because the uptrend stopped at the high of $0.068. 

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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