The price of Dogecoin (DOGE) is above the moving average lines and continues its uptrend. Price analysis by Coinidol.com.
Long-term forecast for the Dogecoin price: bullish
The initial rise above the moving average lines has met resistance at the high of $0.090. The upward movement has stalled below the previous high, with DOGE trading above the moving average lines but below resistance at $0.090.
If buyers break above the barrier at $0.090, DOGE will gain value. The altcoin will rise to its previous highs of $0.10 and $0.11. However, if the crypto price drops below the 50-day SMA, the altcoin will fall and return to the previous low of $0.077.
Dogecoin indicator reading
Since February 14, 2024, the price bars have been above the moving average lines. DOGE prices usually rise when they are above the moving average lines. However, the price bars remain locked at a high of $0.090. The presence of doji candlesticks limits the price movement.
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?
DOGE/USD is trading above the moving averages, suggesting that the altcoin has the potential to rise. On the 4-hour chart, the price of the cryptocurrency is above the moving average lines. The uptrend is being challenged at the high of $0.086. The altcoin is moving back to the moving average lines. The current uptrend could continue if the price remains above the moving average lines.
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-price-remains-above/
