Dogecoin Price Pushes To The Upside; Can Bulls Breach The $0.45 Resistance Zone?

May 01, 2021 at 10:58 // News
Coin Idol
Dogecoin has made impressive moves

Dogecoin (DOGE) has made impressive moves as the market reached a high of $0.37. In a matter of days, DOGE may revisit the previous price level of $0.44. On the upside, if buyers breach the $0.45 resistance, Dogecoin is capable of reaching the high of $0.70.

Dogecoin (DOGE) Price Long-term Prediction: Bullish

Since April 16, buyers have been making a consistent push on the upside. On April 16 and 19, the DOGE price retested the $0.45 resistance zone. In the first uptrend, the altcoin was repelled as it fell to a low of $0.25. 

In the second attempt, the market dropped sharply to $0.155 low. Dogecoin has recovered as bulls bought the dips. DOGE/USD is trading at $0.36 at the time of writing. Can bulls breach the $0.45 resistance? The bulls are capable of breaching the overhead resistance, although, RSI is indicating an overbought region. If the market reaches an overbought region, DOGE’s upward move is doubtful.

Dogecoin (DOGE) Indicator Reading 

A bullish trend line has been drawn showing the support levels of price. The uptrend is likely to continue as long as the trend line remains unbroken. However, if price breaks and closes below the trend line, there may be a trend change. The altcoin is at level 66 of the Relative Strength Index period 14. It indicates that the market is approaching the overbought region.


Technical indicators:  

Major Resistance Levels – $0.45 and $0.50

Major Support Levels – $0.25 and $0.20

What is the next direction for Dogecoin (DOGE)?

Dogecoin is in an upward move. Further upside momentum is likely as per the Fibonacci tool. Meanwhile, on April 16 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that the price will rise to level 1.618 Fibonacci extension or the high of $0.688. 


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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