Cryptocurrency analysts of Coinidol.com report, Dogecoin (DOGE) price crossed the level of recent support and climbed to $0.070.
Dogecoin price long term forecast: bullish
The bears drove the cryptocurrency price to a record low of $0.053, but the bulls bought the dips. On the positive side, Dogecoin rose above the moving average lines, but slowed down at the 50-day line SMA or the $0.070 level. The resistance level needs to be broken for the cryptocurrency to continue rising.
However, the recent high represents an overbought region of the market. If the current resistance is broken, Dogecoin will return to its previous highs of $0.08 and $0.09. If the bullish scenario proves false, Dogecoin will be trapped between the moving average lines. At the time of writing, DOGE /USD is trading at $0.068.
Dogecoin indicator display
DOGE has entered the uptrend zone after reaching the Relative Strength Index of 55. The altcoin is in an uptrend and could rise. For a few days, DOGE will oscillate between the moving average lines. When the moving average lines are broken, the altcoin will develop a trend. The bullish momentum has stalled above the daily stochastic threshold of 40.
Technical Indicators
Key resistance levels – $0.12 and $0.14
Key support levels – $0.06 and $0.04
What is the next direction for Dogecoin?
DOGE/USD is stuck between the moving average lines. The bullish momentum has now been broken at the high of $0.070. The altcoin is reversing its previous high. If the moving average lines are not broken, the movement will continue within the range.
On Jun 18, 2023, Coinidol.com reported that: Bearish momentum broke through the current support level of $0.06 on June 10, and the downtrend continued to a low of $0.053. Current support had held since March 10 prior to the breakout.
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.com. Readers should do their own research before investing in funds.
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