Dogecoin Hits A High Of $0.10, But Struggles To Make Headway

Feb 05, 2023 at 09:44 // Price
Coin Idol
Dogecoin is in an uptrend

Dogecoin (DOGE), whose price has reached a high of $0.09, is currently in a bullish trend zone. The current trend is expected to reach highs of $0.10 and $0.11.

Dogecoin price long-term forecast: bullish

Buyers have not been able to keep the price above the recent high since November 30. The market has not climbed to its previous highs since November 30, 2022. On the positive side, DOGE will retest the historical price level of November 30, 2022 when it reaches the high of $0.10 and $0.11. The cryptocurrency asset has been trading in a range between $0.07 and $0.10 since November 30, and if the current momentum breaks the resistance at $0.10, Dogecoin will return to its previous high of $0.15.

Dogecoin indicator display

With a Relative Strength Index value of 62 for the 14 period, DOGE is in the uptrend zone. It can still go higher. As long as the price bars are above the moving average lines, DOGE remains in the uptrend zone. The moving average lines are sloping horizontally, indicating a horizontal trend for DOGE.

DOGEUSD(Daily Chart)- January 4.23.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 and approaching $0.10 resistance, with buyers returning to the $0.10 resistance level. In December, buyers were unable to break through this resistance, which increased selling pressure. As the bulls approach the overbought area, it is unlikely that they will be able to break through the resistance.

DOGEUSD(4 Hour Chart)- January 4.23.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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