Dogecoin Price Analysis: Bullish Long-Term Forecast
The price of Dogecoin (DOGE) is currently trading above the moving average lines and showing signs of an uptrend. If youโre a crypto enthusiast, hereโs what you need to know about the future forecast for Dogecoin:
Resistance at $0.090
The initial rise above the moving average lines has encountered resistance at the high of $0.090. Although DOGE is still trading above the moving average lines, it has been unable to surpass this resistance level.
- If buyers manage to break above the barrier at $0.090, DOGE will likely gain value.
- The altcoin could potentially rise to its previous highs of $0.10 and $0.11.
- However, if the crypto price drops below the 50-day SMA (Simple Moving Average), DOGE may fall and return to its previous low of $0.077.
Dogecoin Indicator Reading
Since February 14, 2024, the price bars of DOGE have consistently remained above the moving average lines. Historically, when DOGE prices are above these lines, they tend to rise. However, despite being above the moving average lines, the price bars have been unable to surpass the high of $0.090 due to the presence of doji candlesticks, which indicate indecision in the market.
Technical Indicators
- Key resistance levels: $0.12 and $0.14
- Key support levels: $0.06 and $0.04
Whatโs Next for Dogecoin?
Based on the current analysis, DOGE/USD is trading above the moving averages, suggesting that the altcoin has the potential to continue its uptrend. On the 4-hour chart, the price of DOGE is still above the moving average lines, indicating a positive trend.
- The current challenge for DOGE is at the high of $0.086.
- If the price remains above the moving average lines, the current uptrend could continue.
Hot Take: Dogecoinโs Future Outlook
In conclusion, although DOGE has encountered resistance at $0.090, it still remains in an overall bullish trend. If buyers can break above this barrier, we may see DOGE rise to its previous highs of $0.10 and $0.11.
On the other hand, if DOGE drops below the 50-day SMA, it could fall back to its previous low of $0.077. Therefore, itโs important to keep an eye on these key levels for potential trading opportunities.
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