DOGE/USD are trading at 0.0590 and continue to move within the correction and the downward channel. Moving averages indicate the presence of a short-term sideways trend for Dogecoin. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of the digital asset and a test of the resistance level near the 0.0605 area. Where can we expect a rebound down again and a continuation of the fall of the Dogecoin rate with a potential target below the level of 0.0465.
Dogecoin Forecast DOGE/USD October 20, 2022
A strong signal in favor of a decline in DOGE/USD quotes will be a rebound from the bearish trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce the coin will be a strong increase in the value of the asset and a breakdown of the area of 0.0655. This will indicate a breakdown of the resistance area and continued growth of the cryptocurrency rate with a potential target above the level of 0.0835. With the breakdown of the support area and the closing of quotes below the level of 0.0505, we should expect confirmation of the development of the downward momentum for Dogecoin, which will indicate a breakdown of the lower border of the downward channel, and this is a strong signal for sales.
Dogecoin Forecast DOGE/USD October 20, 2022 suggests an attempt to correct and test the resistance area near the level of 0.0605. Where should we expect a rebound and a continuation of the fall of the DOGE/USD coin to the area below the level of 0.0465. An additional signal in favor of the Dogecoin decline will be a test of the broken trend line on the relative strength index (RSI). Cancellation of the downside option will be a strong growth and a breakdown of the 0.0655 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.0505.
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