The price of Dogecoin (DOGE) continued its uptrend on Nov. 6 by breaking above the $0.18 resistance level. Price analysis by Coinidol.com.
DOGE price long term forecast: bullish
On October 29, the DOGE price was halted at the $0.18 resistance level. On October 29, the DOGE price was stopped at the resistance of $0.18. This caused the altcoin to dip and then rise back above the 21-day SMA support.
DOGE has risen today, breaking above the $0.18 resistance. The bullish momentum is expected to reach a high at $0.21. Had the bears broken below the 21-day SMA support, DOGE would have fallen to a low of $0.13 or the 50-day SMA support. Meanwhile, DOGE is trading at $0.198 and continues to rise.
Dogecoin indicator reading
DOGE’s rise has continued as the price bars remain above the moving average lines. The market will continue to rise as long as DOGE trades in the bullish trend zone. However, DOGE will resume its negative trend as soon as the price falls below the moving average lines.
Technical indicators
Key Resistance Levels $0.22 and $0.24
Key Support Levels – $0.14 and $0.12
What is the next direction for Dogecoin?
DOGE price has continued its uptrend and reached a high of $0.21. The altcoin has quickly retraced above the breakout level before pulling back again. The price of the cryptocurrency is currently oscillating above the $0.18 support but below the $0.21 resistance level. The rally will begin once the bulls clear the resistance at $0.21.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
