Dogecoin (DOGE) Price Analysis: Bulls Break Moving Average Lines
The price of Dogecoin (DOGE) has experienced a rally as the bulls made a significant move and broke above the moving average lines. Currently, DOGE is trading in the bullish trend zone with a value of $0.083.
Long-term Forecast for Dogecoin Price: Bullish
The bullish momentum was previously trapped below the resistance at $0.087. However, if buyers can break this resistance level, the market is expected to rally to highs of $0.10 and $0.11.
On the other hand, if DOGE falls below the moving average lines, it could fall back to its previous low of $0.070.
Dogecoin Indicator Reading
Currently, DOGE’s price bars are above the moving average lines due to the recent rally. However, there is an initial resistance and long candlestick wicks pointing towards this level, indicating strong selling pressure.
Technical Indicators
Key resistance levels for DOGE 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?
On the 4-hour chart, DOGE is in an uptrend but has failed to break through the resistance at $0.087. The altcoin fell after 48 hours and remained trapped between the moving average lines, suggesting that it will continue to fluctuate in a range for a few more days.
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