Dogecoin Rises Steadily Amid The Indecision Of Buyers And Sellers

Feb 12, 2024 at 12:01 // Price
Coin Idol

Dogecoin (DOGE) is currently trading above the 21-day SMA but below the 50-day SMA, indicating a bearish trend zone. DOGE price analysis by

Long-term forecast for the Dogecoin price: bearish

Since the price dip on January 3, DOGE has regularly consolidated above the $0.078 support while trading below the moving average lines. The indecision of buyers and sellers has resulted in the altcoin's price remaining stable above the current support level.

However, the bulls have broken above the 21-day SMA, indicating that they will resume their uptrend. This is the second attempt to break above the 21-day moving average line. The 50-day SMA and resistance at $0.09 stopped the price rise on the first attempt. The altcoin has fallen and found support above its current level. After a recent rally, the altcoin is now trading between the moving average lines. It is currently worth $0.081. The altcoin is likely to fluctuate between the moving average lines for a few more days.

Dogecoin indicator reading

DOGE's price is rising as it breaks above the 21-day SMA. The price movement will be limited as long as it stays between the moving average lines. On the 4-hour chart, the price bars are above the moving averages. The upward movement is meeting resistance at $0.082.

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

DOGEUSD_ (4 Hour Chart) –FEB.10.jpg

What is the next direction for Dogecoin?

DOGE has regained bullish momentum although it remains trapped between the moving average lines. The altcoin is likely to trend sideways as it is trapped below the 50-day moving average line. After the rally, the price has steadily moved above the 21-day SMA.

DOGEUSD_ (Daily Chart) –FEB.10.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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