Dogecoin Stabilizes above the $0.13 Low

Dogecoin’s price has begun a range-bound move above the $0.13 level and below the moving average lines.

DOGE price long-term prediction: ranging

DOGE has fallen to the expected price at the 2.0 Fibonacci extension, or the $0.131 low. For the past three weeks, neither bulls nor bears have gained the upper hand, as the altcoin remains range-bound above the current support. On the downside, bulls have consistently defended the existing support level by buying on dips.

However, a break below the current support would signal a return to the downtrend. DOGE would then revisit the previous low of $0.10. On the upside, DOGE will resume its bullish movement if buyers keep the price above the 21-day SMA and bullish momentum continues. DOGE is currently trading at $0.135.

Technical indicators

DOGE price indicator reading

The moving average lines are sloping downward but remain above the price bars. On the 4-hour chart, the price bars are positioned below the horizontal moving average lines. Doji candlesticks continue to form, indicating traders’ uncertainty about the market direction.

What is the next direction for Dogecoin?

DOGE is currently in a sideways trend. The cryptocurrency has been trading above the $0.13 support level but below the $0.155 high. Buyers have not managed to sustain momentum above $0.155 since November 26.

Today, the price has declined and is hovering above the current support. On the downside, bulls are likely to buy on dips as the price retests the existing support level of $0.13.

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.