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The Dogecoin price prediction shows that DOGE is likely to make a comeback within the channel as its sell-offs may be extended further.
DOGE/USD Market
Key Levels:
Resistance levels: $0.120, $0.140, $0.160
Support levels: $0.005, $0.003, $0.001
DOGE/USD is currently changing hands at $0.086, down from the recent high of $0.088 that was attained during the European session today. The Dogecoin price is likely to remain below the 9-day and 21-day moving averages on the market, and it is mainly influenced by speculative sentiment and technical factors, while the coin may continue to move sideways.
Dogecoin Price Prediction: Would Dogecoin (DOGE) Move Downside?
The Dogecoin price is hovering below the 9-day moving average as bulls are yet to hold their ground. However, the widespread retracement on the market could bring the coin to the south with the next local support located at $0.085 as this level is likely to limit the correction to serve as a jumping-off ground for another bullish movement.
However, if the coin begins to drop, it is likely for the sell-off to gain traction with the next focus on $0.005, $0.003, and $0.003 support levels. On the upside, the initial resistance may be created above the 9-day and 21-day moving averages at the $0.100 level and traders may need to see a sustainable move to the upside. The further bullish movement could touch the resistance levels of $0.120, $0.140, and $0.160. On the contrary, the technical indicator Relative Strength Index (14) is moving below the 40-level, suggesting downward movement.
When compared with Bitcoin, the Dogecoin price remains at the downside as the coin moves below the 9-day and 21-day moving averages. The bulls could not push the market to the upside while the technical indicator Relative Strength Index (14) remains below 40-level.
However, the critical support level could be located at 220 SAT and below. Moreover, if bulls begin to power the market, the coin may likely break above the 9-day and 21-day moving averages to find the potential resistance level at 350 SAT and above.
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Read more:
- How to buy Cryptocurrency
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