Dogecoin (DOGE) has recently rallied to a high of $0.075, but it has been struggling to regain its previous high since October 26.
Dogecoin price long term forecast: bullish
Dogecoin entered a sideways trend and dropped to $0.067. On October 26, there was significant selling pressure with increasing pressure. Currently, DOGE/USD is trading at $0.069. If buyers manage to overcome the resistance levels of $0.070 and $0.075, the cryptocurrency could reach the target price of $0.08. However, DOGE is currently trading within a range and is unable to surpass previous highs. The altcoin’s price is fluctuating between $0.066 and $0.070. If the bears break the support level of $0.066, DOGE could fall to the breakout level of $0.064.
Dogecoin indicator reading
After the price surge on October 26, the moving average lines have remained sideways as DOGE rejected the recent high. The price bars in the lower time frame are either above or below the moving average lines, indicating a sideways trend for the cryptocurrency. However, there is still a chance for DOGE to rise as the price bars on the daily chart are currently above the moving average line.
Technical indicators
Key resistance levels for Dogecoin are at $0.12 and $0.14, while key support levels are at $0.06 and $0.04.
What is the next direction for Dogecoin?
The downtrend for Dogecoin seems to have ended, and there is a possibility of a price rise in the future. The price indication suggests a potential increase to a high of $0.08. Currently, the bulls are testing the barrier at $0.070 for a possible breakout. In the meantime, the altcoin’s price is moving within the range of $0.066 and $0.070.
As previously reported, Dogecoin reached a high of $0.075 before retracing to $0.067 and then continuing its uptrend.
Hot Take: Dogecoin’s Potential Rise to $0.08
Dogecoin has recently experienced a rally to $0.075 but has struggled to surpass previous highs since October 26. However, there is optimism for a potential price rise in the future, with a target price of $0.08. The current sideways trend and resistance levels at $0.070 will determine whether DOGE can break out and achieve this target. With indicators suggesting bullish momentum and support levels at $0.06 and $0.04, it will be interesting to see if Dogecoin can overcome these hurdles and continue its upward trajectory.
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