The price of Dogecoin (DOGE) has risen above the moving averages. The cryptocurrency tends to rise in the bullish trend zone.
Dogecoin (DOGE) Price Long Term Forecast: Bullish
Today, Dogecoin is trading at $0.14 at the time of writing. Buyers will try to push Dogecoin to the previous high of $0.17. On April 5, the bulls were unable to overcome resistance at $0.17. Consequently, the altcoin fell well below the 21-day moving average. Today, DOGE /USD has developed bullish momentum again.
If the bulls break the resistance at $0.17, the market will rally to $0.22. However, the bears will vigorously defend the resistance at $0.17. If the buyers fail to break the recent high, DOGE /USD will still be forced into a trading range. That is, the market will fluctuate between the $0.13 and $0.17 levels. In the meantime, DOGE will rise to the previous highs.
Dogecoin (DOGE) Indicator Reading
Dogecoin has regained bullish momentum as the cryptocurrency price is above the moving averages. If the bullish momentum continues, there is a tendency for the price to rise. The altcoin is at the level 53 of the Relative Strength Index for the period 14. The cryptocurrency is in the uptrend zone and is capable of further upward movement. The altcoin is below the 80% range of the daily stochastic. This indicates that the altcoin is in a bearish momentum, but the selling pressure is unstable.
Technical Indicators:
Key resistance levels – $0.80 and $0.85
Key support levels – $0.45 and $0.40
What is the next direction for Dogecoin (DOGE)?
Dogecoin is in an uptrend and has reached the high of $0.14. Currently, DOGE is on the retreat as the market has reached the overbought zone. The uptrend will continue if the price breaks the recent high. In the meantime, the uptrend from April 15 has a candle body that tested the 61.8% Fibonacci retracement level. The retracement suggests that DOGE will rise to the Fibonacci extension level of 1.618 or the $0.15 level.
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-regains-momentum/