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The price of Dogecoin (DOGE) has rallied and broken through the $0.26 barrier to reach a high of $0.287.
Dogecoin price long-term prediction: bullish
Buyers have not been able to sustain the bullish momentum that was recently pushed back. The altcoin has dipped but has found support above the $0.22 low or the 21-day SMA. Should the bulls break above the $0.287 barrier, the altcoin could rise to a high of $0.35 or $0.37.
However, if DOGE is rejected at its recent high, it will fall and return to its previous price range of $0.14 to $0.26. In the meantime, DOGE steadily rises to its previous high. DOGE is worth $0.236.
Dogecoin indicators analysis
The moving average lines are horizontal but sloping upwards due to the positive trend. The price bars have risen well above the moving average lines. The 21-day SMA is above the 50-day SMA, indicating an uptrend. DOGE will continue to rise if the 21-day SMA holds support.
Technical indicators
Key Resistance Levels $0.45 and $0.50
Key Support Levels – $0.30 and $0.25
What is the next direction for Dogecoin?
DOGE's price has rallied but has failed to sustain its positive momentum above the $0.26 level. The 4-hour chart shows that DOGE is trading above the $0.22 support but below the moving average lines. The upward correction has stalled at the 21-day SMA. DOGE price is consolidating above the $0.23 support.
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.