DOGE has been trapped between moving average lines over the past week. Buyers tried unsuccessfully to bring the price back above the 21-day SMA.
Long-term outlook for Dogecoin price: bearish
Dogecoin (DOGE) price is expected to decline further if it breaks below the 21-day SMA on December 19.
On Dec. 26, the bears pushed the price above the 50-day simple moving average, but the bulls bought the dips. The bears now have the upper hand and DOGE is falling. The cryptocurrency will test the support of the 50-day simple moving average. According to the price indicator, DOGE will fall to the Fibonacci extension of $1.618 or the low of $0.075.
Dogecoin indicator analysis
DOGE’s price bars have gotten caught between the moving average lines. If the moving average lines are broken, DOGE will develop a trend. Selling pressure will intensify if the price of DOGE falls below the moving average lines.
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?
DOGE is moving sideways on the 4-hour chart. The price of the altcoin is fluctuating between $0.086 and $0.097. Doji candlesticks, which have a small body and are indecisive, have characterised the price action. Doji candlesticks are rigid and restrict the price movement.
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 the research before investing in funds.