Dogecoin Price Is in a Minor Retracement, Upside Momentum Probably

Aug 22, 2021 at 08:06 // News
Coin Idol
DOGE is expected to rise and retest the resistance

The Dogecoin (DOGE) price is making a series of higher highs and higher lows. Today the market has risen to $0.33 high from the previous low of $0.28.

Dogecoin (DOGE) price long term forecast: bullish

DOGE is expected to rise and retest the $0.35 resistance. Nonetheless, the current price is in a sideways movement characterized by small indecisive candles. 

These candlesticks indicate that buyers and sellers are undecided about the direction of the market. If the price of DOGE rises and breaks through the $0.35 resistance, the altcoin will rise to $0.45. On the other hand, if the altcoin turns away from the current resistance, Dogecoin will fall to the previous low at either $0.28 or $0.21.

Dogecoin (DOGE) indicator reading 

Dogecoin price is at level 68 on the Relative Strength Index for period 14. The cryptocurrency is approaching overbought territory. DOGE /USD does not have enough room to recover to the upside. DOGE is above the 70% area of the daily stochastics. This suggests that the market is in a bullish momentum.

download (9).jpg

Technical indicators: 

Major Resistance Levels - $0.80 and $0.85

Major Support Levels - $0.30 and $0.25

What is the next direction for Dogecoin (DOGE)?

Dogecoin is likely to go up again. DOGE price rises to retest the $0.35 resistance level. Meanwhile, on August 15 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOGE will rise to the level of 1.618 Fibonacci Extension or $0.45.

download (10).jpg

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

Show comments(0 comments)