The Price of Dogecoin Recovers from Downtrend
The price of Dogecoin (DOGE) is currently trading above the moving average lines as it recovers from a recent downtrend. While the altcoin is still stuck at a high of $0.18, it has shown signs of an uptrend and is currently worth $0.1738 at the time of writing.
Long-term Forecast for the Dogecoin Price: Bullish
Despite facing resistance at its recent high, Dogecoin has been in an overall uptrend. On March 5, the altcoin reached a high of $0.20 before experiencing a sharp drop. However, the bulls bought the dips and DOGE rallied again. If it can overcome its current obstacle, DOGE has the potential to rise above $0.20 and reach price highs of $0.22 and $0.24. The uptrend will only be threatened if the bears manage to push the price below the 21-day SMA.
Dogecoin Indicator Reading
The price bars of Dogecoin have been fluctuating above the moving average lines after the end of its uptrend. The presence of Doji candlesticks on the 4-hour chart has caused consolidation and fluctuation in the cryptocurrency’s price. Once resistance is broken, this consolidation and fluctuation will come to an end.
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?
Based on the 4-hour chart, Dogecoin is currently in a sideways trend due to the rejection of its recent high. The altcoin is stabilizing above the moving average lines but below the resistance at $0.18. Doji candlesticks dominate the price activity, indicating uncertainty in the market.
Hot Take: Dogecoin’s Recovery and Future Potential
Dogecoin’s recent recovery from a downtrend and its ability to stabilize above the moving average lines indicate a bullish long-term forecast for the cryptocurrency. While it is currently facing resistance at $0.18, overcoming this obstacle could lead to further price increases. However, it is important to monitor the bears’ influence on the price and whether they can push it below the 21-day SMA, which would threaten the current uptrend.
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