DOGE/USD Recovers near $0.120, More Gains Incoming?

Dogecoin is currently changing hands at $0.116 as the RSI moves above the 60 level.

Dogecoin Prediction Statistics Data:

• Dogecoin price now – $0.116
• Dogecoin market cap – $15.5 billion
• Dogecoin circulating supply – 132.6 million
• Dogecoin total supply – 132.6 million
• Dogecoin Coinmarketcap ranking – #8

DOGE/USD Market

Key Levels:

Resistance levels: $0.170, $0.180, $0.190

Support levels: $0.070, $0.060, $0.050

DOGE/USD has taken several hits in the last few days as the coin fell through multiple support levels, eventually hitting a low of around $0.112. Since then, the coin has been working its way back up. At the time of writing, the Dogecoin price is hovering at $0.116. Furthermore, DOGE/USD has been trapped in an incredibly narrow trading range, so a bullish rally could play out.

Dogecoin Price Prediction: DOGE May Head to the Upside

The Dogecoin price is yet to break the trend line above the 9-day moving average. Instead, the bears are trying to force the price back toward the 21-day moving average. Therefore, a break below the $0.100 support level may provoke an even deeper decline toward the $0.070, $0.060, and $0.050 support levels. Looking at the 14-period Relative Strength Index, Dogecoin may tend to follow the upward trend as the signal line might cross above the 70-level.

Moreover, if the bulls can gather enough strength and push the market above the 9-day moving average within the channel, then the price may likely hit the resistance levels of $0.170, $0.180, and $0.190 respectively. So, further movement above these key resistance levels should, therefore, encourage more buying.

Meanwhile, when compared with Bitcoin, the Dogecoin price is attempting to cross above the 9-day moving average in order to reach the resistance at 700 SAT. Unless this resistance is effectively exceeded and the price ends up closing above it, there might not be any reason to expect a long-term bullish reversal.

However, heading towards the 21-day moving average could refresh lows under 500 SAT, and a possible bearish continuation may likely meet the major support at 300 SAT and below, while the buyers may push the coin to the potential resistance at 850 SAT and above. More so, the Relative Strength Index (14) moves below the 70-level, suggesting sideways movement.