Dogecoin (CRYPTO: DOGE) is trading down Friday as the crypto market is falling lower today. Doge is sitting just below a support level that has been able to hold in the past and is looking to recover the area. This could bring about the beginning of a bullish trend.
Dogecoin was down 4.83% at $0.1459 Friday afternoon at publication.
See Related: Dogecoin Showing 3 Key Bullish Patterns: A Shot At 20 Cents May Be Next
Dogecoin Daily Chart Analysis
- Dogecoin cracked below the $0.15 support line and has been trading sideways just below the level. If the crypto can cross back above the level and begin to form higher lows, it may see a bullish trend up to the $0.35 resistance level.
- The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing recent bearish sentiment. Each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) has dipped the past few days and now sits at 46. This shows the crypto is now seeing more selling pressure than it is buying pressure. If the RSI continues to fall, the crypto could see a strong bearish move.
What’s Next For Dogecoin?
Dogecoin is trading in a period of uncertainty as it sits right near the support level. If this level holds as resistance it may see a strong bearish move in the future. If the crypto can hold above the level it may start to see higher lows and push toward resistance. Bullish traders want the crypto to form higher lows and see the RSI cross back above the middle line for a possible bullish push. Bearish traders want the price to hold below the $0.15 level for a possible strong bearish push in the future.
