Dogecoin Is On A Bullish Run And Is Aiming For The $0.10 Mark

The price of Dogecoin (DOGE) has risen and reached a high of $0.087.

Dogecoin Price Long Term Prediction: Bullish

The price of the cryptocurrency has retraced above the 21-day SMA as it hit its last high on November 15. The altcoin has surpassed the historical price level of July 14.

DOGE has come back above the July 14 price level of $0.083, although it is still trading below the $0.09 resistance level. The current bullish momentum has the potential to rise further. Should buyers break through the $0.09 level, DOGE could rise to a high of $0.10. On April 3, the altcoin reached a high of $0.10. Nonetheless, the altcoin has reached the overbought zone of the market. The cryptocurrency will fall and remain in a range between $0.072 and $0.090 if it fails to break above the recent high.

Dogecoin indicator reading

The price bars were consistently above the moving average lines as they sloped upwards. Long candlestick tails above the 21-day SMA indicate strong buying at lower price levels. The price has risen as the altcoin approaches the overbought zone.

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

What is the next direction for Dogecoin (DOGE)?

DOGE is in overbought territory and is aiming for a high of $0.10. Since October 20, the rise has been continuous. On the upside, the price of the cryptocurrency will rise as long as the price bars remain above the moving average lines.

Coinidol.com reported last week that DOGE was reaching a high of $0.080 and aimed to take the next possible high for Dogecoin is $0.10 if buyers break above the $0.080 level.  

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.