Today, Dogecoin (DOGE) has corrected to $0.30, but faces a rejection of the recent high. The price has pulled back to the low of $0.28. If DOGE holds above the current support, the market will rise to break the initial resistance at $0.30.
This will drive the price higher and retest the overhead resistance at $0.35. A break above the overhead resistance will drive the altcoin to the previous high of $0.45. Conversely, if the bears break below the $0.28 support, the altcoin will fall to the low of $0.26. This will force the altcoin to resume a sideways movement between $0.26 and $0.30. The downward correction between $0.26 and $0.30 will continue as long as the range-bound levels remain unbroken.
Dogecoin price is at level 53 on the Relative Strength Index for period 14. DOGE is in the uptrend zone and above the midline 50. DOGE is above the 70% area on the daily stochastic. This indicates that the market is in a bullish momentum. It is currently rising to the upside. The 21-day line SMA and the 50-day line SMA are upward sloping, indicating the uptrend.
Major Resistance Levels - $0.80 and $0.85
Major Support Levels - $0.30 and $0.25
Dogecoin has resumed an uptrend after exhausting the downtrend. Meanwhile, on August 22 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that DOGE will fall to the 2.618 Fibonacci extension level or the $0.26 level. From the price action, DOGE price reversed at the low of $0.2652.
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.