The price of Dogecoin (DOGE) has risen above the 21-day SMA for the second time, resuming its upward momentum. Price analysis by Coinidol.com.
Long-term forecast for the Dogecoin price: bearish
During the rise on May 4, the price of the cryptocurrency broke above the moving average lines but was stopped at the 50-day SMA. DOGE fell below the moving average lines and resumed its uptrend. On May 13, the altcoin rebounded after breaking above the 21-day SMA. The positive momentum is likely to reach the top of the 50-day SMA or the resistance at $0.166.
If the bulls break above the 50-day SMA, DOGE will resume its uptrend. The altcoin will regain its previous highs of $0.20 and $0.22. However, DOGE will be trapped between the moving average lines if the 50-day SMA remains unchanged.
Dogecoin indicator reading
Given the recent price rally, DOGE is above the 21-day SMA but below the 50-day SMA. The price of the altcoin will rise to break the 50-day SMA or the resistance at $0.166. However, DOGE will fluctuate between the moving average lines if it fails to break above the 50-day SMA.
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 has broken above the initial barrier at the 21-day SMA but faces resistance at $0.155. The altcoin is now stuck at its high of $0.155. A recovery will push the altcoin above the 50-day SMA or the resistance at $0.166. DOGE will decline if it falls below the 21-day SMA support. DOGE will fall to its previous low of $0.12.
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 research before investing in funds.
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- Source: https://coinidol.com/dogecoin-gives-way/
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