Dogecoin Shoots Up Towards The High Of $0.09

Mar 19, 2023 at 09:50 // Price
Coin Idol
Dogecoin is in an uptrend

Dogecoin (DOGE) price breaks above the 21-day line SMA and reverses its downtrend. The uptrend is likely to continue, although the cryptocurrency is limited between the moving average lines.

Dogecoin price long-term forecast: bullish

At the time of writing, the altcoin is currently trading at $0.077. As long as it remains in the positive trend zone, DOGE is likely to rise. Once the bullish momentum is restored, the cryptocurrency's price will rise and exceed the barrier at $0.08 and the 50-day line SMA. It is expected that DOGE will rise to a high between $0.09 and $0.10. Nonetheless, DOGE will be forced to trade in a range between the moving average lines if the bulls are unable to surpass the recent high. Dogecoin is currently trading within the moving average lines. If the moving average lines are broken, the altcoin will start trending.

Dogecoin indicator display

DOGE is in an uptrend with a Relative Strength Index of 52 for the period 14. The altcoin has the potential for further growth. However, if the price bars stay within the moving average lines, the altcoin will be in a fluctuation range. The market is currently overbought where DOGE is trading. The current rise of the altcoin is likely to slow down when it enters the overbought zone. This is above the 80 level of the daily stochastic.

DOGEUSD(Daily Chart) - March 18.23.jpg

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?

Dogecoin is in an uptrend as it approaches the overbought area of the market. At the high of $0.078, the altcoin is facing resistance. During the March 23 bounce, a retraced candlestick tested the 61.8% Fibonacci retracement line. The retracement suggests that DOGE will rise to the level of the Fibonacci extension or $0.0839.

DOGEUSD(4 -Hour Chart) - March 18.23.jpg

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 Coin Idol. Readers should do their own research before investing in funds.

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