Dogecoin Is Rising But Faces An Important Test At $0.21

Dogecoin (DOGE) has bounced back after breaking above the moving average lines.

Dogecoin price long-term prediction: bullish 

The cryptocurrency was expected to fall to as low as $0.10. However, the bulls bought the dips and continued their uptrend. DOGE has risen to a high of $0.19 and is expected to reach its previous high of $0.21.

The bears will return to stop the uptrend at the high of $0.21. If the bulls are successful, the upward momentum will continue to $0.26.

However, if the altcoin is rejected at its current high, DOGE will plunge to a low above the 50-day SMA support. Bearish momentum will consequently fall to a low of $0.14. At the time of writing, DOGE is currently worth $0.198.

DOGE price indicator reading

DOGE price returned above the moving average lines after the breakout on the 10th of July. The moving lines on the 4-hour chart are now pointing upwards. The 21-day SMA is above the 50-day SMA, indicating a current trend. The altcoin will continue to rise as long as the price breaks above the 21-day SMA support.

Technical indicators

Key Resistance Levels $0.45 and $0.50

Key Support Levels – $0.30 and $0.25

What is the next direction for Dogecoin?

DOGE has resumed its uptrend after rising above the moving average lines. If DOGE price breaks above the $0.21 level, the uptrend will continue. However, if it falls from its recent high, a slump is imminent.

On June 11, selling pressure returned after DOGE resisted at a high of $0.206. DOGE is currently retesting the resistance level to establish an uptrend.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.