Dogecoin tries to recover to $0.07 once supply and demand reach equilibrium

Oct 02, 2022 23:13 // price

Dogecoin (DOGE) price is on a downtrend as altcoins break below the moving averages.

Long-Term Forecast for Dogecoin (DOGE) Price: Bearish

On Sept. 24, DOGE’s price edged above the 50-day and 21-day SMAs. Upward momentum was pushed back at a high of $0.068. The cryptocurrency fell well below the moving averages and reached a low of $0.057.

The cryptocurrency is currently trading between $0.057 and $0.066. Today, DOGE price is above the 21-day line SMA and is about to reach its recent high. However, selling pressure may resume once DOGE breaks out of the moving averages. A break below the support at $0.057 will send the altcoin back to the previous lows of $049. DOGE, on the other hand, is trading at $0.061 at the time of writing.

How to read the Dogecoin (DOGE) indicator

DOGE is level 49 on the Period 14 Relative Strength Index. RSI shows that there is a balance between demand and supply. DOGE is trading between the moving averages and may return to the range. The market is in bearish momentum as it is below the 80% area of ​​the daily stochastic. The 21-day SMA and 50-day SMA are sloping south, indicating a downtrend.

Technical indicators:

Main Resistance Levels – $0.08 and $0.10
Main Support Levels – $0.07 and $0.05

DOGEUSD (daily chart) - Oct 1, 2022.jpg

What’s Next for Dogecoin (DOGE)?

Dogecoin may continue to fall as it breaks away from recent highs. On Sept. 26, a bearish candlestick tested his 61.8% Fibonacci retracement level. The retracement suggests that DOGE will drop to the 1.618 Fibonacci extension level or the $0.055 level.

DOGEUSD (4-hour chart) - October 1, 2022.jpg

Disclaimer. This analysis and predictions are the author’s personal opinion and are not endorsements to buy or sell cryptocurrencies and should not be considered endorsements by Coin Idol. Readers should do their own research before investing in any fund. Dogecoin tries to recover to $0.07 once supply and demand reach equilibrium

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