Dogecoin Breaks Resistance Levels as It Targets Level $0.111

Oct 30, 2022 at 09:04 // News
Coin Idol
Dogecoin could fall back above the breakout level of $0.08

The price of Dogecoin (DOGE) has recovered, rising to a high of $0.109 on October 29. The cryptocurrency broke through resistance at $0.08. The current uptrend is expected to reach the high of $0.11 before reversing.

Further upward movement of the price is unlikely as the market has reached the overbought zone. On the downside, Dogecoin could fall back above the breakout level of $0.08 if it is rejected at the recent high. Nonetheless, DOGE/USD is trading at $0.01070 at the time of writing. 

Dogecoin indicator reading  

As the Relative Strength Index for period 14 has remained at the 91 level, it is believed that Dogecoin is reaching the overbought zone. The altcoin is in the uptrend area, but it might decline due to being overbought. The daily stochastic is above the 80% area, which indicates an overbought condition of the cryptocurrency asset. The moving average lines are making a U-turn, indicating an uptrend. 

DOGE(Daily Chart) - October 29.png

Technical indicators:  
Major Resistance Levels - $0.12 and $0.14
Major Support Levels - $0.06 and $0.04 

What is the next direction for Dogecoin? 

Dogecoin has continued to rise to previous highs. Meanwhile, on October 27 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that DOGE will rise to the Fibonacci retracement level 2.0 or $0.111. 

DOGEUSD( 4 Hour Chart) - October 29.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.

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