Dogecoin Trades in a Confined Range as It Risks Further Decline
Oct 23, 2022 at 11:30 //
PriceAfter the price slump on October 10, Dogecoin (DOGE) has consolidated back above $0.057. The price movement has been limited as the altcoin consolidates above current support.
Last week, DOGE traded above the $0.057 support and below the moving average lines. On October 13, DOGE fell sharply to the low of $0.055, but then retreated back to the range. Nevertheless, the altcoin's price movement is stagnant due to the presence of doji candlesticks. The small candlesticks indicate the indecision of buyers and sellers. The movement will continue as long as the range bounded levels remain unbroken.
Dogecoin indicator reading
Dogecoin has continued its consolidation as it remained at the 46 level on the Relative Strength Index for the 14 period. The altcoin is in a downtrend and could fall further. DOGE is rising as it is above the 78% area of the daily stochastic. It is in a bullish momentum and approaching the overbought area of the market.
Technical indicators:
Major Resistance Levels - $0.12 and $0.14
Major Support Levels - $0.06 and $0.04
What is the next direction for Dogecoin
On the 4-hour chart, Dogecoin is in a sideways movement but has broken through the moving average lines. The current uptrend may face resistance at the recent high. This is because the altcoin has reached the overbought region of the market.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing in funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow