DOGE Starts An Upward Trend But Stops

May 23, 2024 at 15:07 // Price
Coin Idol

The price of Dogecoin (DOGE) has been rejected twice by the 50-day SMA but has finally crossed above the moving averages. Price analysis by

Long-term forecast for the Dogecoin price: bullish

However, the price of the cryptocurrency is currently between the support of $0.12 and the resistance of $0.17. The upward momentum has stalled at the $0.17 resistance. The altcoin tends to rise when it pulls back and finds support above the moving average lines.

If the bulls break above the $0.17 resistance, DOGE will rise and retest its previous highs of $0.20 and $0.22. DOGE is currently in a slight pullback after the $0.17 barrier. On the downside, DOGE will fall and return to its trading range if the bears break the 50-day SMA support. The DOGE/USD exchange rate is at $0.167.

Dogecoin indicator reading

Following the current market rally, DOGE is now above the moving average lines. The price of the cryptocurrency is oscillating above the moving average lines but below the $0.17 resistance. The altcoin will rise once the resistance level is broken. Meanwhile, the cryptocurrency price is oscillating above the moving average lines.

Technical indicators

Key resistance levels - $0.22 and $0.24

Key support levels – $0.14 and $0.12

DOGEUSD_( Daily chart) - May 22.jpg

What is the next direction for Dogecoin?

DOGE is currently trading in the positive trend zone with the bulls trying to break the barrier at $0.17. The altcoin is above the 50-day SMA but below the resistance level of $0.17. Selling pressure has paused above the support level of $0.1650. The crypto signal will be positive if the bulls break the resistance at $0.17.

DOGEUSD_( 4 -Hour chart) -May 22.jpg

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 Readers should do their research before investing in funds.

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