Dogecoin Rises Again To $0.095 And Attempts A New Rally To The Upside

Dec 04, 2022 at 11:00 // Price
Coin Idol
If DOGE finds support above the moving average lines, it will start a new rally to the upside

Dogecoin (DOGE) price resumed its uptrend after breaking through the moving average lines.

Dogecoin price long-term forecast: bullish

On November 30, DOGE gained ground and reached a high of $0.11 before retreating. The breakout level of $0.095, which is above the moving average lines, is where the cryptocurrency pulls back. If DOGE finds support above the moving average lines, it will start a new rally to the upside. This will drive Dogecoin higher and retest the initial resistance at $0.11. If buyers manage to overcome the resistance at $0.11, the altcoin will rise to $0.15. If the altcoin price falls below the moving average lines, the decline will resume. It will then start trading at $0.06 again.

Dogecoin indicator display 

DOGE is at level 56 on the Relative Strength Index for period 14. After the retracement, the altcoin is still in the bullish trend zone. The moving average lines are above the price bars, indicating a likely rise. The stochastic on the daily chart is above the altcoin with a value of 25, which is in a positive momentum.

DOGEUSD(Daily Chart) - December 3.22.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 price is currently in the bullish trend zone and could continue to rise. At the time of writing, the altcoin has retreated to the $0.099 level. The trend is a slow and slight retracement. Once DOGE stabilises above $0.095, the uptrend will resume.

DOGEUSD(4 hour Chart) - December 3.22.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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