Dogecoin Price Enters An Overbought Zone

The bears have undercut the $0.20 support and the altcoin is falling back into its old range. Price analysis by Coinidol.com.

Dogecoin price long term prediction

On March 5, 2024, DOGE reached a high of $0.205 before falling back. On March 28, the price of the cryptocurrency broke through resistance at $0.205 and reached a high of $0.2286. 

However, in the last 48 hours, DOGE was unable to break above the $0.23 resistance zone. The bears broke below the $0.20 support and the altcoin will fall back to its old range. The altcoin is trading between $0.12 and $0.20. The DOGE price is now at $0.183.

Dogecoin indicator reading

DOGE price bars have risen above the moving average lines after the recent price rally. The moving average lines are trending north as the price breaks above the 21-day SMA resistance level.

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?

DOGE is currently trading below the $0.23 barrier zone. In the meantime, the DOGE/USD price is oscillating between $0.18 and $0.23. Once these levels are breached, the altcoin will develop a trend.

On March 26, Coinidol.com reported that the uptrend was halted by resistance at $0.19. Then despite the recent decline, the moving average lines remained on an uptrend. 

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 research before investing in funds.