Dogecoin Recovers as Buyers Drive Altcoin To High of $0.09

Dogecoin (DOGE) price has resumed its downward correction as the price falls below the moving average line. The cryptocurrency has fallen to the low of $0.067 after failing to break the $0.09 resistance zone.

Dogecoin (DOGE) price long term forecast: bearish 

Today, buyers pushed the price of DOGE above the 50-day line SMA, while it is approaching the 21-day line SMA. On the upside, DOGE will rise and reach the overriding resistance of $0.09 again if the price breaks above the moving average lines. The cryptocurrency will be forced to move between the moving average lines if it fails to break the 21-day SMA line. However, the altcoin risks a decline if the bears break below the 50-day line SMA. In the meantime, the altcoin is trading at $0.07 at the time of writing.

Dogecoin (DOGE) indicator reading 

Dogecoin is at level 48 of the Relative Strength Index for the period of 14. DOGE has fallen into the downtrend zone due to the recent decline. The price of the cryptocurrency is between the 50-day line SMA and the 21-day line SMA, indicating a possible fluctuation range. Dogecoin is below the 20% range of the daily stochastic. This indicates that the market has reached the oversold area. Buyers have emerged to push prices higher.

Technical Indicators: 

Key resistance levels - $0.08 and $0.10

Key support levels - $0.07 and $0.05

What is the next direction for Dogecoin (DOGE)?

DOGE/USD is back in the uptrend after the recent breakdown. The upward movement will continue if the current support at $0.067 holds. Currently, the market has reached a high, which is $0.071 at the time of writing. Selling pressure could continue if the bears fall below support at $0.067. The market will then fall to the low of $0.61.

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 Coin Idol. Readers should do their own research before investing funds.