Cryptocurrency analysts of Coinidol.com report, Dogecoin (DOGE) experienced an upward correction but got stuck between the moving average lines.
Dogecoin price long term forecast: bullish
Dogecoin (DOGE) price has recovered, although it has been stuck in a range since June 10. In other words, Dogecoin is fluctuating between $0.06 and $0.070.
Buyers tried three times to keep the price above the moving average lines, but were beaten back each time. The upward momentum was stopped at the 50-day simple moving average (SMA) or resistance around $0.070. However, if the current resistance levels are broken, the cryptocurrency will rise to highs of $0.080 and $0.090. The altcoin could fall if the bullish scenario proves to be false. The altcoin will fall to lows of $0.06 or $0.05 if selling pressure picks up.
Dogecoin indicator display
The cryptocurrency asset is trapped between the moving average lines as it begins a range-bound movement. DOGE is at the 53 level of the Relative Strength Index for the period 14. It is in the bullish trend zone and could rise. The Stochastic on the daily chart also shows a bullish momentum above the 40 level.
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?
The cryptocurrency value is starting to range between the moving average lines. For the period 14, DOGE is at 53 on the Relative Strength Index. It could rise as it is in the positive trend zone. Moreover, it is moving up above the 40 mark on the daily stochastic.
On Jun 25, 2023, Coinidol.com reported that: The bears drove the cryptocurrency price to a record low of $0.053, but the bulls bought the dips. On the positive side, Dogecoin rose above the moving average lines, but slowed down at the 50-day line SMA or the $0.070 level.
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.
