The price of Dogecoin (DOGE) is correcting higher as buyers try to push the price above the $0.20 resistance and moving average lines.
On March 26, buyers failed to launch a rally above the 50-day SMA and resistance at $0.20. Today, the cryptocurrency price is retesting the 21-day SMA and continuing its uptrend.
On the upside, the uptrend will continue to the highs of $0.24 and $0.28 if buyers sustain the price above the 21-day and 50-day SMA, as Coinidol.com reports.
However, DOGE will decline if it moves down from the 21-day SMA barrier.
DOGE will fall to the next support at $0.10 if it falls below the $0.14 level. The price forecast will still be valid at the low of $0.048 or the Fibonacci extension level of 2.0. The price of DOGE is $0.1679.
The moving average lines on the daily chart have dropped significantly and are above the price bars. Currently, DOGE's upward movement is being held back by the 21-day SMA barrier. The Doji candlestick, which restricts price movement, has been used to characterize DOGE's price.
Technical indicators
Key Resistance Levels $0.45 and $0.50
Key Support Levels – $0.30 and $0.25
The rise in the DOGE price above the $0.14 support has started again. Buyers have consistently defended the $0.14 support over the last month. The $0.14 support will be retested if the 21-day SMA barrier rejects DOGE. The rejection will increase the probability of a possible break of the $0.14 support.
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.
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