Dogecoin Approaches The High Of $0.15 And Rises

Dogecoin (DOGE) has recovered from its downtrend after hitting a low of $0.09 on July 5.

Long-term Dogecoin price forecast: bearish

The bulls bought the dips and the bullish momentum pushed above the 21-day SMA and reached a high of $0.126.

On the upside, DOGE is expected to break above the 50-day SMA if the buyers maintain their bullish momentum. 

Moreover, a break above the 50-day SMA will propel the altcoin to a high of $0.16. If the buyers fail to break above the 50-day SMA resistance, the bullish scenario will invalidate. The cryptocurrency will retrace but remain trapped between the moving average lines for a few days.

Dogecoin indicator reading

DOGE has moved above the 21-day SMA but remains below the 50-day SMA resistance. The cryptocurrency price will oscillate between the moving lines until the altcoin breaks out of the price range. For example, the uptrend will continue its rise if it breaks above the 50-day SMA.

Technical indicators

Key resistance levels - $0.22 and $0.24

Key support levels – $0.14 and $0.12

That is the next direction for Dogecoin?

DOGE has bounced back to its previous high of $0.126. On the 4-hour chart, the uptrend is hitting an early resistance at the high of $0.127. The altcoin will resume its uptrend once it breaks through the resistance at $0.127 and the 50-day SMA on the daily chart.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.