Dogecoin price is rising and approaching the $0.070 resistance level.
Since February 17, the resistance level has been tested once and the range-bound levels between $0.040 and $0.070 have remained unbroken. For the past two months, the DOGE price has not been trending. This is because the altcoin has been confined in a range. Dogecoin price action has been characterized by small body indecisive candlesticks called Doji and Spinning tops.
These candlesticks indicate that buyers and sellers are undecided about price direction. DOGE/USD has been trading marginally and the price movement is insignificant. The altcoin will trend upside if buyers push the DOGE price above the $0.070 resistance level. Otherwise, the altcoin range bound movement will continue in the third month.
First and foremost, Dogecoin price is above the 21-day and 50-day SMAs which suggests a possible rise in price. DOGE is at level 57 of the Relative Strength Index period 14. It indicates that it is in the uptrend zone and capable of rising on the upside.
Major Resistance Levels – $0.090 and $0.10
Major Support Levels – $0.040 and $0.030
Dogecoin is still consolidating in a price range. The Fibonacci tool has indicated a possible breakout on the upside. On April 1 uptrend; a retraced candle body tested the 38.2 % Fibonacci retracement level. This implies that price will rise to level 2.618 Fibonacci extension or the high of $0.0994.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.