Dogecoin Moves Above $0.09 And Continues Its Upward Trend

Dec 11, 2022 at 09:43 // Price
Coin Idol
Dogecoin price is falling

Dogecoin (DOGE) price is falling and finding support above the moving average lines. For a possible upside move, the cryptocurrency price consolidates above the moving average lines.

Dogecoin price long-term forecast: bullish

If the sellers break below the moving average lines, Dogecoin price will fall and find support above the breakout level of $0.09. However, if the bears break below the $0.09 support, the selling pressure will increase again. The DOGE /USD price could fall below its previous low of $0.05 if the moving average lines are broken. At the time of writing, DOGE is topping the current support.

Dogecoin indicator display 

DOGE is at the 52 level of the Relative Strength Index for period 14. The cryptocurrency is in a bullish trend zone and could gain further. The price bars are above the moving average lines, indicating a potential upward movement. DOGE is in a bullish momentum above the stochastic at the daily level of 40.

DOGEUSD(Daily Chart) - December 10.22.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? 

On the 4-hour chart, the DOGE /USD price is rejected at the 21-day SMA line. A retraced candlestick has tested the 61.8% Fibonacci retracement line of the December 75 downtrend for DOGE. After the adjustment, DOGE will fall to the 1.618 level of the Fibonacci sequence or $0.08.

DOGEUSD(4 Hour Chart) -December 10.22.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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