Dogecoin (DOGE) is trading in the zone of uptrend as the altcoin has risen to the high of $0.15. Since March 28, buyers have been desperately trying to push the altcoin to the previous highs.
On March 31, the altcoin fell back to the low of $0.13 as the bulls bought the dips. In the last 48 hours, the altcoin has risen to retest resistance at $0.15.
If the bulls break the recent high, the market could rise to the high of $0.18. However, if the bulls fail to break the recent high, the altcoin will fall above the moving average or the low at $0.12. The market will recover quickly if the price falls and finds support above the moving averages.
Dogecoin indicator reading
The price of DOGE is above the moving averages, which indicates further upward movement of the cryptocurrency. The altcoin is at level 61 of the Relative Strength Index for the period 14. The altcoin is in the uptrend zone and is capable of further upward movement. DOGE is above the 60% area of the daily stochastic. It has resumed its bullish momentum.
Technical indicators:
Major Resistance Levels – $0.80 and $0.85
Major Support Levels – $0.45 and $0.40
What is the next direction for Dogecoin?
Dogecoin is trading above the moving average, which allows it to rise to the previous highs. Meanwhile, the March 28 uptrend has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that DOGE will rise to the Fibonacci extension level of 1.618 or to the level of $0.178. The bulls are still struggling to overcome the resistance at $0.15.
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 Coin Idol. Readers should do their own research before investing funds.
Source: https://coinidol.com/dogecoin-0-15-resistance/