Dogecoin Struggles Below $0.064 as Buyers Attempt to Revisit $0.08

Dogecoin Struggles Below $0.064 as Buyers Attempt to Revisit $0.08

Dogecoin (DOGE) price is in a downside correction as buyers try to hold it above the 21-day SMA line. If the price moves above the 21-day SMA, the DOGE will move above the 50-day SMA.

If the buyers are successful, the bullish momentum will increase towards the upper resistance of $0.08. There is a possibility for the cryptocurrency to return to its previous low at $0.05. The $0.05 support has been held since June 13.

Dogecoin indicator reading

The cryptocurrency is at the 14th level of the Relative Strength Index for 48 periods. Despite the upward correction, it is still in the lower region. The cryptocurrency’s price bars are below the moving average lines, which indicate further declines.


Technical indicators:  

Major Resistance Levels – $0.08 and $0.10

Major Support Levels – $0.07 and $0.05

What is the next direction for Dogecoin?

DOGE/USD’s downside turned bearish as the market consolidated above the $0.05 support. A candlestick on the weekly chart tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will drop to the 1.272 Fibonacci extension level or $0.05.

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About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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