The price of Dogecoin (DOGE) has bounced back above the $0.20 support. DOGE price analysis by Coinidol.com.
Dogecoin price long term prediction: ranging
The bulls rallied above the $0.24 support after buying the dips. Since February 6, selling pressure has stopped above $0.24 as the altcoin consolidates above current levels, as reported by Coinidol.com.
Now, DOGE is moving within a narrow range between the moving average lines and the $0.24 support. The presence of doji candlesticks has restricted the price’s movement and DOGE is barely breaking the $0.24 support.
DOGE indicator reading
Doji candlesticks have taken over the price action on the four-hour chart, indicating for traders who are unsure about the direction of the market. The price of DOGE can be described as static. The sideways movement is indicated by the horizontal moving average lines.
Technical indicators
Resistance Levels $0.45 and $0.50
Support Levels – $0.30 and $0.25
What’s next for Dogecoin?
Currently, DOGE is rising again after falling below $0.20. Selling pressure has reached bearish fatigue. The long candlestick tail pointing in this direction indicates strong buying pressure above the $0.20 support.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.