DOGE Price Bounces Twice Above $0.090 And Resumes Its Ascent

Dec 17, 2023 at 12:07 // Price
Coin Idol
The cryptocurrency is steadily approaching the critical support level

The price of Dogecoin (DOGE) is under threat as it has failed twice at the $0.1063 resistance level. Price analysis by

Dogecoin price long-term forecast: bullish

The altcoin has also fallen above the moving average lines twice. The uptrend continues to be held back by the high of $0.098. DOGE is trading at the $0.094 support at the time of writing. The cryptocurrency is steadily approaching the critical support level. Should the price fall below the $0.090 support or the 21-day simple moving average, selling pressure on DOGE will increase again. The initial decline will be above the 50-day simple moving average (SMA) or the low at $0.080.

Dogecoin indicator reading

DOGE's price bounces twice above the 21-day SMA support as the bears retest the moving average lines. The recent downturn has forced the altcoin's price bars to fall below the moving average lines on the 4-hour chart. DOGE is in an uptrend as long as the price bars are above the descending moving average lines.

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

DOGEUSD_ (Daily Chart) –Dec.16.jpg

What is the next direction for Dogecoin?

DOGE is trading between $0.090 and $0.1050 on the 4-hour chart. The rally has come to an end at the recent high. Buyers were not able to sustain the positive momentum above the recent high. The recent high is a historical price level from April 3rd.

As reported by last week, the uptrend was broken on December 6 after reaching a high of $0.1063. DOGE has pulled back above the 21-day simple moving average and resumed its uptrend. 

DOGEUSD_ (4-Hour Chart) –Dec.16.jpg

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

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