Dogecoin (DOGE) Price Prediction: DOGE Remains Trapped Below the 50-day SMA, Bearish Long-Term Prediction
- WBOYOriginal
- 2024-08-26 00:38:121000browse
The price of Dogecoin (DOGE) has risen above the moving average lines but remains trapped below the 50-day SMA.
Dogecoin (DOGE) price has shown strength in the past few days by rising above the moving average lines. However, the price of DOGE is still trading below the 50-day SMA, which is a crucial resistance level. If buyers can propel the price of DOGE above this resistance level, we can expect a rally to the previous high of $0.14.
On the other hand, if DOGE price fails to break above the 50-day SMA and falls back, the downtrend will resume. The altcoin will then drop to the previous low of $0.080. If the $0.080 support is breached, the downside momentum will extend to the 1.618 Fibonacci extension or $0.058.
DOGE indicator reading
DOGE price has been trading between the moving average lines since August 21. If the 21-day and 50-day moving averages are broken, the altcoin will rally. But the 50-day SMA is currently moving against the uptrend. This will stop the bullish momentum and put the altcoin in a range-bound move between the moving average lines. When a moving average line is broken, the altcoin enters a trend.
Technical indicators
Key Resistance Levels – $0.22, $0.24
Key Support Levels – $0.14, $0.12
What is the next direction for Dogecoin?
The market direction is still up for grabs as DOGE is stuck between the moving average lines. Meanwhile, the price of the cryptocurrency indicates a further decline. In the meantime, DOGE will continue to trade between the moving average lines until the trend is determined.
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