Dogecoin Faces Strong Resistance But Recovers Above $0.12
June 18, 2024 at 11:02 // Price
Dogecoin, one of the most talked-about cryptocurrencies, is currently trading between $0.12 and $0.18. The bears, or sellers, have a significant advantage and are testing the $0.12 support level for the fourth time.
Long-Term Forecast for Dogecoin: Bearish
The bulls, or buyers, will fight hard to keep Dogecoin above the $0.12 support level. If this support breaks, Dogecoin might lose even more value and could drop to a low of $0.08. On the other hand, if Dogecoin’s price breaks above the moving average lines, it could recover and reach up to the resistance at $0.18. The upward trend will strengthen if the price climbs above the current high point. As of now, DOGE/USD is trading at $0.122.
Dogecoin Indicator Reading
Examining the technical side, the moving average lines (used to smooth out price data and identify trends) are moving horizontally. However, the 21-day Simple Moving Average (SMA) has fallen below the 50-day SMA, signaling a bearish outlook, meaning the price may fall further. On the 4-hour chart, you can see a clear downtrend in these lines.
Technical Indicators
- Key Resistance Levels: $0.22 and $0.24
- Key Support Levels: $0.14 and $0.12
What is the Next Direction for Dogecoin?
Dogecoin has had a rocky ride. The price fell below the moving average lines, and the bears even managed to break the $0.12 support level, causing the cryptocurrency to drop to a low of $0.113. However, the bulls bought the dips and managed to push the price back above the $0.12 support level.
Since the price drop on June 7, where Dogecoin touched a low of $0.139 before bouncing back, the price bars are now positioned below the moving average lines. If the current $0.12 support holds, there is a good chance that Dogecoin will start moving higher again.
Remember, the world of cryptocurrency can be quite volatile, so keeping an eye on these trends and levels is essential for anyone interested in Dogecoin.
