Dogecoin Enters The Overbought Zone And Targets The High Of $0.10

Dec 03, 2023 at 11:49 // Price
Coin Idol

The price of Dogecoin (DOGE) has resumed its uptrend after rising above the 21-day simple moving average and reclaiming the $0.080 high. Dogecoin price analysis by

Dogecoin price long term forecast: bullish

At the time of writing, the altcoin had reached a high of $0.086. During the last rally, the market reached a high of $0.087 before being rejected. On a positive note, the cryptocurrency has the potential to rise even further to previous highs. If the current upward momentum continues, DOGE is predicted to reach a high of $0.10. However, the bullish momentum will meet resistance at the high of $0.095. DOGE is in the overbought territory of the market.

Dogecoin indicator reading

The price bars are pointing north and are above the moving average lines. The moving average line serving as support is the 21-day SMA. The uptrend ends when the price of DOGE falls below the moving average lines. If sellers appear in the overbought area, the price of the cryptocurrency will also fall.

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

DOGEUSD_ (Daily Chart) –Dec.02.jpg

What is the next direction for Dogecoin?

DOGE/USD is rising as it reaches the historical price level of April 3. The market reached a high of $0.10 on April 3 and the upside momentum was halted at the $0.10 high. The altcoin was rejected after rejections during its recent high. The market will peak at $0.11 if the current level is surpassed today.

DOGEUSD_ (4-Hour Chart) –Dec.02.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 Readers should do their research before investing in funds.

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