Dogecoin Loses Value At $0.084 Due To Further Rejection

The price of Dogecoin (DOGE) fell to a mandatory minimum before rising again. The cryptocurrency tested the 1.618 Fibonacci extension to reach the low of $0.073.

Long-term forecast for the Dogecoin price: bearish

DOGE recovered but remained stuck at the resistance level of $0.085. The upside correction could extend to the high of $0.095 or higher if the initial resistance had been broken. The coin is currently losing value as it was rejected at its previous high. DOGE is currently trading at $0.081. If the bearish momentum continues, the market will drop to a low of $0.070.

Dogecoin indicator reading

DOGE will continue to fall as long as the price bars are below the moving average lines. The altcoin is about to fall to $0.070. The downward sloping moving average lines indicate the downtrend. Doji candlesticks, which limit the price movement, dominate the price action in cryptocurrencies.

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

What’s next for Dogecoin?

After its last decline on January 3, Dogecoin is still bearish. The cryptocurrency has stabilized above the support level of $0.082 since January 3. Today, as the cryptocurrency resumes selling pressure, the bears have undercut the existing support. DODE is expected to hit a low of $0.070 if the negative momentum continues.

According to the previous report by Coinidol.com, DOGE could fall to the Fibonacci extension of $1.618 or the low of $0.075. 

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.

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• Source: https://coinidol.com/dogecoin-loses-due-to/