Dogecoin's Rally Is Over As It Is Rejected At $0.080

Dogecoin price long term forecast: bullish

Last week, it traded between $0.070 and $0.082. Buyers pulled the cryptocurrencies above the 21-day simple moving average on November 22 and continued the uptrend.

DOGE's price was rejected after reaching a high of $0.080. If the resistance of $0.080 is broken, DOGE price is expected to rise to the highs of $0.090 and $0.10. On the other hand, the value of the crypto asset will fall and trade between $0.070 and $0.080, invalidating the bullish scenario.

Dogecoin indicator reading

Following the recent market rally, the price bars have risen above the moving average lines. The price bars on the 4-hour chart are either above or below the descending moving average lines. The price of the cryptocurrency is currently above the moving average lines.

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 has returned to the uptrend zone and has reached a high of $0.080. Buyers have struggled to maintain positive momentum above the $0.080 high. DOGE was beaten back on the first retest of the recent high. The price of the cryptocurrency is bouncing below the current high to break through it.

On November 19, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the price of the cryptocurrency has retraced above the 21-day SMA as it hit its last high on November 15. The altcoin has surpassed the historical price level of July 14. 

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.