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Dogecoin Rises, But Encounters Further Resistance At $0.080

Date:

Nov 12, 2023 at 09:34 // Price

it is likely that Dogecoin will reach the target price

Dogecoin (DOGE) price has broken above the $0.075 barrier and resumed its uptrend. Cryptocurrency price analysis by Coinidol.com.

Dogecoin (DOGE) Price Long Term Forecast: Bullish

The barrier at $0.075 was retested three times before the bulls broke the recent high. On the upside, it is likely that Dogecoin will reach the target price of $0.086.

The altcoin is likely to encounter further resistance as it approaches the desired price level. DOGE has reached a high of $0.080 at the time of writing.

The next possible high for Dogecoin is $0.10 if buyers break above the $0.080 level. On the downside, the current uptrend would reverse if the bears break below the 21-day SMA or support at $0.069. This would force the altcoin to fall even further to a low of $0.063.

Dogecoin Indicator Reading

On November 9, Dogecoin quickly fell below the 21-day SMA but recovered. The extended candlestick tail suggests strong buying pressure at lower prices. The price bars will be driven higher as long as they are above the sloping moving average lines. The current uptrend will be interrupted if the price bars fall below the moving average lines.

Technical indicators

Key resistance levels – $0.12 and $0.14
Key support levels – $0.06 and $0.04

DOGEUSD_ (Daily Chart) –Nov. 11.jpg

What is the next direction for Dogecoin?

Dogecoin is rising as it approaches higher price points. The bulls are currently struggling to break the barrier at $0.08. However, the altcoin is trading in the overbought zone of the market. If the sellers emerge in the overbought zone, the uptrend is likely to face strong resistance.

On November 5, Dogecoin entered a sideways trend and fell to $0.067, as previously reported.

DOGEUSD_ (4-hour Chart) –Nov. 11.jpg

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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