Dogecoin Recovers Above $0.081 And Continues Its Upward Trend

Apr 09, 2023 at 08:51 // Price
Coin Idol
DOGE/USD is in oversold territory

Dogecoin (DOGE) price, which recently rose to a high of $0.104, is currently falling.

Dogecoin price long term forecast: bullish

Despite its recent decline, the altcoin is still trading in the uptrend zone. The downturn will continue if the price falls below the moving average lines. At the time of writing, DOGE is trading at $0.082. The altcoin has been trading in an oversold region since April 6. Dogecoin will rise if buyers appear in the oversold region or in the uptrend zone. On the plus side, the high of $0.085 could serve as resistance for DOGE. Dogecoin will rise to reach its previous high of $0.10. Therefore, DOGE /USD will fall if it is rejected at the high of $0.085. The altcoin will fall to around $0.07. DOGE /USD is currently moving upwards and climbing to a high of $0.083.

Dogecoin indicator display

Dogecoin is at level 53 of the Relative Strength Index for the period 14. The altcoin will return as it is in the bullish trend zone. Despite the decline, the price bars are above the moving average lines, which will prompt DOGE to rise. DOGE was trading in the oversold zone of the market. The daily chart stochastic is below the 20 level and the current decline has reached the bearish exhaustion.

DOGEUSD(Daily Chart) - April 8.23.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?

DOGE/USD is in oversold territory, indicating bearish exhaustion. Buyers are expected to emerge in the oversold area to push prices higher. Meanwhile, DOGE is consolidating above the $0.081 support.

DOGEUSD(4 Hour Chart) - April 8.23.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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