Cryptocurrency price analysis brought by Coinidol.com. The price of Dogecoin (DOGE) has crossed the 21-day line SMA as the altcoin resumed its uptrend.
The cryptocurrency value has been moving above the $0.060 support since August 17, but below the 50-day line SMA. On the other hand, the price of DOGE /USD is moving between $0.060 and $0.063. As it approaches the 50-day line SMA DOGE is rising. When the bullish momentum crosses the 50-day line SMA, the cryptocurrency asset will start trending in a bullish direction again. The altcoin will rise until it reaches its previous high of $0.070. In contrast, the altcoin will fluctuate between the moving average lines for a few days when the upside scenario becomes invalid. At the time of writing, the altcoin is selling at $0.062.
Dogecoin is trading at the 50 level of the Relative Strength Index for the 14 period and is in the positive trend zone. The price of the altcoin has stabilized at the point where supply and demand are in balance. The price of the cryptocurrency is expected to fluctuate due to its location between the moving average lines. The bullish momentum of the coin is above the daily stochastic level of 80. The altcoin will crash when it reaches the overbought area of the market.
Key resistance levels – $0.12 and $0.14
Key support levels – $0.06 and $0.04
The 21-day line SMA was broken upwards by the crypto asset, which indicates that the market will move within a certain range again. For a few days, the altcoin is likely to fluctuate between the moving averages. The price is moving towards the 50-day line SMA, but stagnating above the 21-day line SMA.
On September 19, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the value of cryptocurrency is neither falling nor rising. It is capped between $0.059 and $0.063.
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.