What is the next direction for Dogecoin?

The price of Dogecoin (DOGE) fell to a low of $0.14 but then recovered.

According to the price indicator's forecast, DOGE is expected to fall further and reach the 2.0 Fibonacci extension or the low of $0.048. As the price bars are below the moving average lines, DOGE will continue to fall, Coinidol.com.

However, DOGE's upward correction is failing at a first obstacle. The downtrend has been temporarily interrupted as DOGE is trading above $0.14 and encounters downside resistance at $0.175.

DOGE has undergone an upward correction in the past week, but this has come to a halt at the recent high. Should DOGE fall from the recent high and drop below the $0.14 support, selling pressure will pick up again. DOGE is currently being traded at $0.173.

Dogecoin indicator reading

The price bars are currently between the moving average lines on the 4-hour chart, indicating a potential range-bound move in the cryptocurrency. Furthermore, doji candlesticks have set in, making the price movement stationary. DOGE is expected to fall as the price bars are below the moving average lines.

Technical indicators

Major Resistance Levels $0.45 and $0.50

Major Support Levels – $0.30 and $0.25

What is the next direction for Dogecoin?

DOGE is in a downtrend below the moving average lines. However, it is correcting upwards and could reach a high of $0.179. A failed upward correction indicates that the cryptocurrency may be on the decline. If the altcoin falls the recent high and closes an hour below the $0.14 support, selling pressure will resume.

The slide has been temporarily halted as DOGE is trading above $0.14 and has encountered downside resistance at $0.175.