The price of Dogecoin (DOGE) has risen above the moving average lines and retested the resistance of $0.070, reports Coinidol.com.
On July 14, buyers failed to keep the price above the $0.070 resistance level. A break above the resistance level will push the altcoin to highs of $0.080 and $0.090. DOGE is currently trading at $0.0.068 at the time of writing this article.
The altcoin has retreated above the moving average lines and is preparing for another attempt to test the recent high. If the price falls below the moving average lines, the downtrend will begin and DOGE will return to its previous low of $0.05.
In the meantime, Dogecoin is moving above the moving average lines after a small setback.
DOGE makes an upward correction and reaches the relative strength index of 62 for the period 14. The altcoin could continue to rise as it is in a positive trend zone. After the retracement, the price bars are above the moving average line. The daily stochastic shows a negative momentum below 40.
Key resistance levels - $0.12 and $0.14
Key Support Levels - $0.06 and $0.04
DOGE/USD is in an uptrend after rising above the moving average lines. The upswing is slowed down by the $0.070 resistance level.
Dogecoin is threatened with a retracement to the previous trading range of $0.060 to $0.070. The bearish momentum has paused above the moving average lines, suggesting that an uptrend is conceivable.
According to Coinidol.com previous Dogecoin price analysis DOGE/USD pair was not able to restore a positive trend for a long time. The price was volatile in the range between $0.060 and $0.070. As the market is approaching the oversold zone, the current support is holding.
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 own research before investing in funds.