The price of Dogecoin (DOGE) has resumed its uptrend after retracing above the $0.21 support or the 21-day SMA.
DOGE price long-term prediction: bullish
DOGE failed to break above the $0.26 level during its initial surge.
Today, the altcoin reached a high of $0.239 after reclaiming past highs. DOGE will rise to highs of $0.30 and $0.35 if the current barrier is breached. If the altcoin falls from its current high, it will be forced to trade below the $0.26 barrier. The altcoin will fluctuate above the 21-day SMA support and below its recent high.
Dogecoin indicator reading
DOGE is trading in the positive trend zone with price bars above the moving average lines. The current trend has a bullish crossover on the daily chart, indicating an uptrend.
However, the moving average lines on the 4-hour chart are sloping horizontally, indicating a sideways trend for the cryptocurrency.
Technical indicators
Resistance Levels $0.45 and $0.50
Support Levels – $0.30 and $0.25
What is the next direction for Dogecoin?
DOGE is trading sideways as the rise has stalled at $0.26. Since May 11, DOGE has been trading above the support level of $0.21 but below the high of $0.25, as Coinidol.com wrote. The cryptocurrency has bounced within its range in anticipation of an uptrend. Today’s uptrend was halted at the high of $0.24 as the altcoin maintains its range-bound movement.
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.
