Dogecoin (DOGE) price is rising after crossing the initial barrier of $0.075.
The altcoin has recovered from its previous downturn. Since June 10, the cryptocurrency's price has reached a series of higher highs and higher lows. According to the price indication, the altcoin will move forward but then reverse.
Moreover, DOGE is approaching the overbought zone of the market. Meanwhile, a retraced candlestick approached the 78.6% Fibonacci retracement line of the July 25 rally. The retracement suggests that DOGE would rise, but then reverse at the 1.272 Fibonacci extension or the $0.090 level. At the time of writing, the altcoin is trading at $0.080.
DOGE is in an uptrend and has reached the Relative Strength Index of 65 for the period 14. The altcoin has the potential for further gains, but it is approaching the overbought zone of the market. The price bars are above the moving average, which leads to a price increase. DOGE has a positive momentum above the Stochastic daily threshold of 75.
Key resistance levels – $0.12 and $0.14
Key support levels – $0.06 and $0.04
Dogecoin is in an uptrend after recovering from a downturn. However, the current rise is reaching the overbought zone of the market. The altcoin is expected to reach a high of $0.090. After that, it will fall back to the breakout level of $0.080.
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.