Dogecoin (DOGE) prices have rallied as the bulls made a big move and broke above the moving average lines. Price analysis by Coinidol.com.
Long-term forecast for Dogecoin price: bullish
The bullish momentum was trapped below the resistance at $0.087. The price of the cryptocurrency is bouncing above the moving average lines and below the previous high. If buyers break the resistance above $0.087, the market will rally to highs of $0.10 and $0.11.
However, if DOGE falls below the moving average lines, the market will fall back to its previous low of $0.070. In the meantime, DOGE/USD is trading in the bullish trend zone. The cryptocurrency is now worth $0.083.
Dogecoin indicator reading
DOGE’s price bars are currently above the moving average lines as a result of the price rally. There is an initial resistance but DOGE is moving above the moving average lines. There are long candlestick wicks pointing towards the resistance level. This indicates strong selling pressure at the resistance level.
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?
On the 4-hour chart, DOGE is in an uptrend but fails to break through the resistance at $0.087. The altcoin fell after 48 hours and traded below its recent high. The cryptocurrency fell but remained trapped between the moving average lines. This indicates that the altcoin will continue to fluctuate in a range for a few more days.
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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- Source: https://coinidol.com/dogecoin-encounters-initial-opposition/
