Dogecoin Gives Way And Remains Stuck At Its High Of $0.155

The price of Dogecoin (DOGE) has risen above the 21-day SMA for the second time, resuming its upward momentum. Price analysis by Coinidol.com.

Long-term forecast for the Dogecoin price: bearish

During the rise on May 4, the price of the cryptocurrency broke above the moving average lines but was stopped at the 50-day SMA. DOGE fell below the moving average lines and resumed its uptrend. On May 13, the altcoin rebounded after breaking above the 21-day SMA. The positive momentum is likely to reach the top of the 50-day SMA or the resistance at $0.166.

If the bulls break above the 50-day SMA, DOGE will resume its uptrend. The altcoin will regain its previous highs of $0.20 and $0.22. However, DOGE will be trapped between the moving average lines if the 50-day SMA remains unchanged.

Dogecoin indicator reading

Given the recent price rally, DOGE is above the 21-day SMA but below the 50-day SMA. The price of the altcoin will rise to break the 50-day SMA or the resistance at $0.166. However, DOGE will fluctuate between the moving average lines if it fails to break above the 50-day SMA.

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 has broken above the initial barrier at the 21-day SMA but faces resistance at $0.155. The altcoin is now stuck at its high of $0.155. A recovery will push the altcoin above the 50-day SMA or the resistance at $0.166. DOGE will decline if it falls below the 21-day SMA support. DOGE will fall to its previous low of $0.12.

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.