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Dogecoin Continues Its Upward Trend And Targets The High At $0.086

Date:

Oct 29, 2023 at 09:06 // Price

The DOGE price is capped between the moving average lines

The latest price analysis by Coinidol.com report, the price of Dogecoin (DOGE) has increased after rising above the moving average lines and the $0.64 resistance level.

Dogecoin price long-term forecast: bullish

The upward momentum reached a high of $0.075 before retreating on October 26. The altcoin retreated to a low of $0.067 before resuming its uptrend. The uptrend temporarily held at a high of $0.073. The price indication suggested that the cryptocurrency would continue to rise. A retraced candlestick tested the 61.8% Fibonacci retracement level of the October 26 upswing. The retracement suggests that DOGE will rise to the 1.618 Fibonacci extension or $0.086. The altcoin has risen to a high of $0.068 due to market activity, and further growth is expected.

Dogecoin indicator reading

The price bars have broken through the moving average lines and have reached higher highs and higher lows. In addition, the moving average lines have formed a bullish crossover, with the 21-day SMA above the 50-day SMA, indicating that the cryptocurrency will continue to rise. The DOGE price is capped between the moving average lines in the lower time frame, causing the altcoin to fluctuate.

DOGEUSD - (Daily Chart) – OCT. 28.23.jpg

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

What is the next direction for Dogecoin?

The DOGE/USD exchange rate is rising, but was pushed off at the high of $0.074. The cryptocurrency has returned to the area between the moving average lines. If the bulls break the 21-day SMA, the altcoin will regain its bullish momentum. On the downside, the cryptocurrency will crash if the bears break below the 50-day simple moving average.

DOGEUSD_ (4 Hour Chart) – OCT. 28.23.jpg

As we reported on October 23, the upward momentum has broken through the moving average lines but has stalled at the simple moving average of the 50-day line. DOGE is currently trading above the 21-day line SMA, but below the 50-day line SMA. 

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 CoinIdol.com. Readers should do their research before investing in funds.

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