Dogecoin Gains Momentum And Reaches The High Of $0.085

The price of Dogecoin (DOGE) is on the rise after surpassing the 21-day simple moving average. Cryptocurrency price analysis from Coinidol.com.

Dogecoin (DOGE) Price Long Term Forecast: Bullish

Dogecoin (DOGE) price is trying to retake its recent high of $0.085. If the current resistance is broken, DOGE is likely to rise even further than its previous high.

The bullish momentum is expected to reach a new high of $0.095. The altcoin will gain value if the DOGE price stays above the moving average lines. However, if the 21-day SMA line is broken, DOGE will fall and enter a sideways trend. DOGE/USD is trading at $0.076 at the time of writing.

Dogecoin (DOGE) Indicator Reading

DOGE is in an uptrend with a Relative Strength Index of 57 for the 14 period, suggesting that the altcoin still has room to run higher as it rises to previous highs. With the start of the uptrend, the price bars have risen above the moving average lines. The altcoin is rising above the 75 level of the daily stochastic. DOGE has the potential to go even higher.

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 (DOGE)?

Dogecoin is currently in a positive trend. The bears are trying to get below the 21-day simple moving average. If the bears win, the current rise will be over. Otherwise, the uptrend will continue.

As Coinidol.com reported on August 7, the uptrend of Dogecoin price around the high of 0.085 was challenged.

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 CoinIdol.com. Readers should do their own research before investing in funds.

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• Source: https://coinidol.com/dogecoin-reaches-the-high/