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.
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.
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.
Key resistance levels - $0.12 and $0.14
Key support levels – $0.06 and $0.04
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.
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