The technical forecast for Dogecoin is anticipated to encounter resistance around the weekly level
Since the beginning of the previous week, the price of Dogecoin has been encountering resistance around the weekly level of $0.18. Beginning on Sunday, it saw a decrease of 4% during the subsequent three days. As of the time this article was written on Wednesday, it trades at around $0.17.
In the event that DOGE continues to correct, it may prolong the slide to the point where it retests its low of $0.15 on April 22.
According to the daily chart, the Relative Strength Index (RSI) is now reading 54 and is pointing downwards towards its neutral level of 50. This indicates that bullish momentum is beginning to fade. It is quite probable that the price of Dogecoin will see a significant decline if the Relative Strength Index (RSI) goes below its neutral level of 50.
On the other hand, if the price of DOGE manages to break and close above the weekly resistance level at $0.18, it has the potential to continue the rally back to its psychological significance level at $0.22.
