Dogecoin Price Recovers But Still Faces The $0.11 Barrier

The price of Dogecoin (DOGE) has ended its descent after hitting a low of $0.080 on August 5. The cryptocurrency is now trading in a horizontal trend.

Long-term Dogecoin price forecast: range

The altcoin has been trading above the $0.090 support but below the moving average lines and the $0.11 resistance level. Buyers have tried several times to resume an uptrend but were rejected by the moving average lines. 

Today, the DOGE price broke through the moving average lines and reached a high of $0.1069. If the positive momentum continues, the altcoin will reach its previous highs of $0.13 and $0.14. The altcoin is currently trading at $0.107.

DOGE indicator reading

Following the recent market recovery, the price bars are above the moving average lines. The uptrend could continue if the crypto price finds support above the moving average lines. Interestingly, the price bars are below the moving average lines, indicating a possible decline on the weekly chart.

What's next for Dogecoin?

The DOGE price has recovered and has been trading above the $0.090 support for the past month. Buyers have not managed to keep prices above the moving average lines. The price of the cryptocurrency has been pushed back twice after breaking above the moving average lines. DOGE is now trading in a range of $0.090 to $0.11 as the trend is determined.

Coinidol.com wrote on September 6 that DOGE entered a sideways trend as the bulls have halted the decline above the $0.093 support. 

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.