Dogecoin Price: $0.0029 Key DOGE Resistance Levels: $0.0035, $0.004 Key DOGE Support levels: $0.0025, $0.002

*Price at the time of writing

Dogecoin price long-term trend: Bearish

Key resistance levels: $0.0035, $0.004

Key support levels: $0.0025, $0.002

Looking at the long-term trend, DOGE can be considered unhealthy at the moment due to the last 24-hour bearish surge which has dropped its price to the support area of $0.0025. Despite this, the DOGE market is currently sitting above the 100-day moving average (orange line).

Buy/Sell Dogecoin (DOGE)

In case the market drops below the mentioned support, the sellers may drive the price down to $0.002, below the orange line. By then, DOGE may be positioned in a bearish scenario.

Before now, the April 2 surge in volatility saw the token follow the positive momentum to the $0.0043 level before closing on a long wick which led the bearish correction to around the $0.0025 support.

On the daily RSI, it was revealed that the token remains in a bullish zone. The next upward move could propel price to $0.0035 and $0.004 resistance levels. As of now, the market has maintained trading between the range of $0.0025 and $0.004 levels for the past six weeks.

The daily Stochastic RSI is reflected on the overbought line, signaling a potential short move. The potential support is very much intact for the current selling pressure in the market. Even with the ongoing retracement, the Doge market is more likely to follow a positive move in future trading.

Dogecoin price medium-term trend: Bearish

Following the major correction in the past weeks of trading, Dogecoin reversed after crossing up the 100-day moving average (orange line) earlier this month, leading the bulls to see $0.0036 before retracing near the $0.0024 support level. If the sellers breach the potential support, the market could further locate support at $0.002.

In the opposite direction, the next bullish move is likely to find resistance levels at $0.0032 and $0.0036. In case of a price break above these levels, the buyers may further locate resistance at the April high of $0.0042. With the orange line signal, the bulls are trying to gain control of the market. But as it stands now, the selling pressure is strong.

However, the 4-hour Stochastic RSI is reflected at the oversold area, indicating that buying pressure might lie around the corner. At the same time, the 4-hour RSI is revealed in a downward trend, showing a bearish play.

Dogecoin price short-term trend: Bearish

Before the recent price drop, DOGE followed a bullish scenario after rising above the important 100 moving average (orange line) on May 11, acting as trailing support for the market.

Meanwhile, the last eight hourly green candles suggested a strong upward movement after closing on a long wick which is more likely to play out. The potential move is signaled on the hourly Stochastic RSI.

Looking at the hourly RSI, there’s still room for accommodating selling pressure which may locate support at the $0.0026 level. If the RSI reverses, however, we can expect the next bullish move to throw the price to the $0.0031 resistance and beyond. The bears may slump the price lower if the buyers fail to respond strongly to the current selling pressure in the market.