Dogecoin Stalls Its Decline above $0.12

Dogecoin’s price has remained steady above the $0.12 support level since December 18.

DOGE price long-term prediction: bearish

Buyers have attempted to keep the price above the 21-day SMA, but were deterred by the recent high.

Today, DOGE fell to a low of $0.123 before rebounding above the current support. On the downside, bears have twice failed to push the price below the $0.12 support. For the past week, DOGE has traded above the $0.12 support but below the 21-day SMA. If the bears break below the $0.12 support, the altcoin could fall to its previous low of $0.10. As of this writing, DOGE is trading at $0.123.

DOGE price indicators reading

Doji candlesticks have slowed DOGE’s price movement. The altcoin is also constrained to move within a specific range. The moving average lines have a downward slope, indicating a decline. On the 4-hour chart, the price bars have dropped below the downward-sloping moving average lines.

What is the next direction for Dogecoin?

DOGE has stalled its decline above the $0.12 support level. The moving average lines on the 4-hour chart have halted the price’s upward movement. The cryptocurrency price remains in a narrow range above the current support level of $0.12. DOGE is likely to resume its decline.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.