Dogecoin Price Trading Marginally, Faces Strong Rejection at $0.070 Resistance

Apr 11, 2021 at 08:09 // News
Coin Idol
Dogecoin is still consolidating in a price range

Dogecoin price is rising and approaching the $0.070 resistance level.

Dogecoin (DOGE) Price Long-term Prediction: Ranging

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.  

Dogecoin (DOGE) Indicator Reading 

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.


Technical indicators:  

Major Resistance Levels – $0.090 and $0.10

Major Support Levels – $0.040 and $0.030 

What is the next direction for Dogecoin (DOGE)?

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.

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