Dogecoin Is In An Uptrend And Trying To Break The $0.075 Barrier

Jul 24, 2023 at 09:26 // Price
Coin Idol
DOGE has rallied above the moving average lines

The price of Dogecoin (DOGE) has retested the $0.075 resistance level twice before rising to previous highs of $0.080 and $0.090.

However, DOGE is still facing resistance at its recent high.

Dogecoin (DOGE) Price Long-Term Forecast: Bullish

DOGE has rallied above the moving average lines since July 13 while retesting the $0.075 resistance. In other words, the cryptocurrency price is moving between $0.068 and $0.075.

Once the resistance at $0.075 is broken, DOGE /USD will rise to previous highs of $0.080 and $0.090. Likewise, the downtrend will resume if the bears break the moving average lines or support at $0.068. In the meantime, DOGE is on the move to retest or break through resistance at $0.075.

Dogecoin (DOGE) Indicator Reading 

DOGE is in the positive trend zone of the Relative Strength Index for period 14 at the 55 level. The cryptocurrency is rising as the price bars have remained above the moving average lines. The cryptocurrency value is rising above the level 25 of the daily stochastic.

Technical Indicators

Key resistance levels - $0.12 and $0.14
Key support levels - $0.06 and $0.04

DOGEUSD_(Daily Chart) – July 23.jpg

What is the next direction for Dogecoin (DOGE)?

Dogecoin has been in a positive trend zone since July 13. As long as the price bars remain above the moving average lines, the uptrend is expected to continue. The altcoin is currently in a trading range while retesting the current resistance level. A breakout will drive the cryptocurrency to historic highs. reported on July 16, that DOGE/USD was in an uptrend after rising above the moving average lines. The upswing is slowed down by the $0.070 resistance level.  

DOGEUSD_(4 Hour Chart) – July 23.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 own research before investing in funds.

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