The price of Dogecoin (DOGE) has broken out above the moving averages, while the altcoin is reaching the high of $0.14. The altcoin was rejected at the recent high when the price fell above the moving averages. DOGE continues its uptrend above the moving averages.
If the bulls overcome the resistance at $0.14, the market will rally to $0.16. The cryptocurrency will then be out of the downward correction and further upward movement is possible. On the downside, the market will fall below the moving averages if the bulls fail to break the resistance at $0.14. The downside correction will continue if the price falls and regains the previous low at $0.11. Meanwhile, DOGE/USD is trading at $0.13 at the time of writing.
The cryptocurrency price is above the moving averages as the bulls try to maintain the bullish momentum. This indicates a possible uptrend for the cryptocurrency. The altcoin is at the level 58 of the Relative Strength Index for the period 14. The cryptocurrency is in the bullish trend zone and is capable of further upward movement. DOGE price is above the 40% area of the daily stochastic. It has resumed its bullish momentum.
Major Resistance Levels - $0.80 and $0.85
Major Support Levels - $0.45 and $0.40
On the 4-hour chart, Dogecoin is in an uptrend as the price has risen above the moving averages. Meanwhile, the uptrend from March 24 has a candlestick body that tested the 50% Fibonacci retracement level. The retracement suggests that DOGE will rise to the 2.0 Fibonacci extension level or the $0.16 level.
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 funds.