The price of Dogecoin (DOGE) has risen above the moving average lines and broken through the $0.19 resistance.
Dogecoin price long-term prediction: bullish
The cryptocurrency was trading above the moving average lines but below the barrier at $0.19 before the breakout. The bulls broke through the barrier at $0.19 and reached a high of $0.259. Today, the altcoin has retreated as buyers failed to push it above its high of $0.26. According to Coinidol.com, DOGE has started a new rise after retreating and finding support above the $0.22 level.
On the upside, the altcoin will rise to $0.28 if the bulls break above the $0.26 high.
On the downside, DOGE will return to its trading range above the moving average lines where the $0.22 support was broken. DOGE is now worth $0.238.
Dogecoin price indicators analysis
The moving average lines on both charts are sloping upwards, indicating a current trend. The 21-day SMA has crossed above the 50-day SMA, indicating a bullish signal. The price bars are close to the simple moving average of the 21-day line. Similarly, the crypto will fall if the price falls below it.
Technical indicators
Resistance Levels $0.45 and $0.50
Support Levels – $0.30 and $0.25
What is the next direction for Dogecoin?
DOGE continued its uptrend above the moving average lines and rose to a high of $0.26. On the 4-hour chart, the positive trend is expected to continue as the price retraces above the 21-day SMA support.
Since May 11, DOGE has been forced to start a rally above the low of $0.22 or the 21-day SMA support but below the $0.26 resistance. DOGE will resume its rise above the $0.26 level.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
