Dogecoin Rises, But Encounters Resistance At $0.064

Oct 23, 2023 at 08:28 // Price
Coin Idol
DOGE is between the moving average lines

The latest price analysis by report, Dogecoin (DOGE) price has resumed its uptrend after falling to a low of $0.057.

Dogecoin price long term forecast: bearish

The upward momentum has broken through the moving average lines but has stalled at the simple moving average of the 50-day line. DOGE is currently trading above the 21-day line SMA, but below the 50-day line SMA. The upward movement is expected to continue to a high of $0.062.

DOGE has now returned to the previous fluctuation range between $0.060 and $0.064. The current uptrend will continue if the price rises above the moving average lines and the barrier at $0.064. The market will reach a high at $0.068. Meanwhile, DOGE is between the moving average lines.

Dogecoin indicator display

DOGE resumes its uptrend as the price bars cross the moving average lines. The altcoin will have to fluctuate between the moving averages if the 50-day line SMA stops the uptrend. Another market movement is possible when the price rises above the 50-day line SMA. The slope of the moving average lines is in the opposite direction, which indicates a sideways trend.

DOGEUSD - (Daily Chart) – OCT. 22.23.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 has returned to its price range of $0.060 to $0.064. According to the price indicator, the altcoin will rise to the 1.618 Fibonacci extension or $0.0624. Altcoin is reaching the overbought zone of the market. The current bullish momentum will face resistance at $0.064. Bulls have struggled to break the $0.064 resistance level since August 31.

DOGEUSD - (4 Hour Chart) – OCT. 22.23.jpg

As we reported on October 15, the cryptocurrency asset lost value last week as the bears broke the price range of $0.060 to $0.064. The moving average lines have slowed down the upward movement, which extended to the $0.056 support. 

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 Readers should do their research before investing in funds.

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