DOGE Pulls Back And Encounters Resistance At The $0.17 Mark

The price of Dogecoin (DOGE) has recovered, but remains stuck at the $0.17 mark. Price analysis by Coinidol.com.

Long-term forecast for the Dogecoin price: bullish

Since May 21, DOGE has been trading above the 50-day SMA but below the $0.17 resistance level. The bulls tried twice to retest the resistance at $0.17 but failed. On May 23, the bears tried to break the 50-day SMA but the bulls held the existing support, as reported by Coinidol.com. Over the past six days, the price has fluctuated in this manner. If the buyers break through the resistance at $0.17, the price will rise again.

Dogecoin will rise to its previous high of $0.22. If the bears break the 50-day SMA support, DOGE will fall to the next support level of $0.13. In other words, DOGE will return to the $0.12 to $0.17 price range. In the meantime, the value of DOGE is $0.167.

Technical indicators

Key resistance levels - $0.22 and $0.24

Key support levels – $0.14 and $0.12

Dogecoin indicator reading

DOGE is trading above the moving average while the price bars remain above it. On the 4-hour chart, four candlestick wicks indicate the resistance level. The candlestick wicks are signaling significant selling pressure at the $0.17 level.

What's next for Dogecoin?

DOGE is currently trading in a range above its moving average lines. The bulls have failed to maintain their bullish momentum above the $0.17 resistance.

Today, the altcoin is pulling back after encountering resistance at $0.17. If the altcoin breaks through this resistance, it will resume its positive path.

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 CoinIdol.com. Readers should do their research before investing in funds.