Dogecoin Fluctuates Above The $0.15 Support And Recovers

The price of Dogecoin (DOGE) is trading above the moving average lines as it recovers from a downtrend.

Long-term forecast for the Dogecoin price: bullish

The cryptocurrency is currently in an uptrend, although it is stuck at a high of $0.18. Twice recently, the altcoin was put to the test again, but this time it failed to break above the recent high. Dogecoin is now worth $0.1738 at the time of writing.

On March 5, the altcoin reached a high of $0.20 before dropping sharply. The bulls bought the dips as DOGE rallied again. On the upside, DOGE will rise above $0.20 if the current obstacle is overcome. The bullish momentum will extend to price highs of $0.22 and $0.24. On the downside, the uptrend will end if the bears fall below the 21-day SMA.

Dogecoin indicator reading

The price bars fluctuated above the moving average lines after the end of the uptrend. The presence of Doji candlesticks on the 4-hour chart has caused the price of the cryptocurrency to consolidate above the moving average lines. The current consolidation and fluctuation will stop once the resistance is broken.

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?

The 4-hour chart shows that DOGE is in a sideways trend due to the rejection of the recent high. Currently, DOGE is stabilizing above the moving average lines but below the resistance at $0.18. Doji candlesticks dominate price activity.

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.