Dogecoin Rises Back Above $0.11 And Takes Aim At Previous High Of $0.15 Again

Nov 06, 2022 at 09:33 // Price
Coin Idol
Buyers are stubbornly defending the current support of around $0.11

The price of Dogecoin (DOGE) is in an uptrend, but consolidating above the $0.11 support.

Dogecoin price Long-term forecast: bullish

The alternative currency rose to a high of $0.15 on November 1 before retreating. On the downside, buyers are stubbornly defending the current support of around $0.11. DOGE began the recovery when it fell sharply to a low of $0.055. Bulls are buying the dips on the market. The cryptocurrency is now consolidating above the support of $0.11. At the high of $0.15, the current bounce is difficult to break. If the barrier is broken, DOGE will rise to a high of $0.20.

Dogecoin indicator display 

As the RSI drops from level 93 to level 74, DOGE is still trading in the overbought zone. The price of DOGE will rise if the trend continues. As long as the price bars are above the moving average lines, the market is up. The daily stochastic is above 80%, which indicates that the cryptocurrency asset is overbought.

DOGEUSD(Daily Chart) - November 5.png

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 has slipped between the moving average lines on the 4-hour chart. The cryptocurrency will be forced to move in a range between the moving averages lines. When the moving average lines are crossed, the altcoin will trend. As the cryptocurrency fell below the moving average lines today, the upward movement was resisted.

DOGEUSD(4 Hour Chart) - November 5.png

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.

Show comments(0 comments)