Dogecoin Retests The $0.070 Mark For A Likely Breakout

Nov 05, 2023 at 14:55 // Price
Coin Idol
Dogecoin's downtrend has ended

The latest price analysis by report, Dogecoin (DOGE) has rallied to a high of $0.075 but has been unable to regain the previous high since October 26.

Dogecoin price long term forecast: bullish

Dogecoin (DOGE) entered a sideways trend and fell to $0.067. On October 26, the wick of the long candle indicates significant selling pressure with increasing pressure. DOGE/USD is trading at $0.069 at the time of writing. On the upside, if buyers overcome the resistance levels of $0.070 and $0.075, the cryptocurrency will reach the target price of $0.08. Nonetheless, the altcoin is forced to trade in a range as it is unable to reach past highs. The price of the altcoin is hovering between $0.066 and $0.070. On the downside, DOGE will fall if the bears break the $0.066 support level. The altcoin could fall to the $0.064 breakout level.

Dogecoin indicator reading

After the price surge on October 26, the moving average lines have slipped sideways as DOGE rejected the recent high. The price bars in the lower time frame are either below or above the moving average lines. This explains why the cryptocurrency is trending sideways. Nevertheless, DOGE has a chance to rise as the price bars on the daily chart are above the moving average line.

DOGEUSD_ (Daily Chart) –Nov. 5.23.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?

Dogecoin's downtrend has ended. There is a possibility of a price rise. The price indication predicts a probable rise to a high of $0.08. The bulls are currently retesting the barrier at $0.070 for a probable breakout. In the meantime, the price of the altcoin is moving in a range between $0.066 and $0.070.

DOGEUSD_ (4 Hour Chart) – Nov. 5.23.jpg

As we reported on October 29, the upward momentum reached a high of $0.075 before retreating on October 26. The altcoin retreated to a low of $0.067 before resuming its uptrend. 

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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