DOGE’s Price Stabilizes And Consolidates Above $0.076

The price of Dogecoin (DOGE) has fallen below the moving average lines but remains above the $0.076 support. Price analysis by Coinidol.com.

Dogecoin price long-term forecast: bearish

The cryptocurrency has stabilized above the current support level of $0.076 since the price drop on January 3, 2024. The upward movement has been limited by the moving average lines. The 21-day SMA currently limits the cryptocurrency's future uptrend. DOGE has retraced after reaching the 21-day SMA barrier line. It is currently worth $0.079. In the meantime, the altcoin is consolidating above its current support.

Dogecoin indicator reading

On the 4-hour chart, the price bars are located between the moving average lines. The adoption of doji candlesticks has limited the price movement. The current consolidation will continue as the altcoin remains trapped between 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 trading sideways after the decline was halted on January 3. The cryptocurrency is currently trading between $0.076 and $0.086. The decline has eased as the altcoin consolidates above the current support level of $0.076. If the current support is broken, DOGE/USD will return to its previous low of $0.070.

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/doge-price-stabilizes-and-consolidates/