Dogecoin Declines as It Faces Strong Selling Above $0.071 High

Dogecoin (DOGE) is in an uptrend as the price breaks above the moving average lines.

The cryptocurrency’s movement is stagnant due to the presence of indecisive small-body candles called doji and spinning tops. These candlesticks indicate that buyers and sellers have reached a phase of indecision.

They are undecided about the direction of the market. The long candlesticks indicate strong selling pressure at higher levels. This is responsible for the volatility since May 12. If DOGE rises again and breaks through resistance at $0.071, the altcoin will rise to a high of $0.08. Likewise, if the price falls below the $0.058 support, the selling pressure will increase again. Meanwhile, DOGE/USD is trading between $0.058 and $0.071.

Dogecoin indicator reading

Dogecoin is at level 55 of the Relative Strength Index for the period 14. DOGE is in the uptrend zone, but the upward movement is slowed down by the doji candlesticks. The cryptocurrency price is above the moving average lines, indicating further upward movement. DOGE is above the 40% area of the daily stochastic. This indicates that the market is in a bullish momentum.

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 is in a sideways movement as buyers and sellers show indifference to the market direction. Today, DOGE falls as it faces rejection of the high of $0.071. The price movement was insignificant due to doji candlesticks.

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 funds.

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