Dogecoin Is In A Tight Range But Cannot Hold Above $0.095
Nov 27, 2022 at 09:56 //
PriceDogecoin (DOGE) price is up after rising above the moving average lines. The altcoin rose to a high of $0.095 today before falling back.
Dogecoin price long term forecast: bullish
While buyers are trying to break the recent high, DOGE is faltering below it. Since November 10, buyers have tried three times to break above the $0.095 barrier, but have not succeeded. However, if DOGE bounces again, the market will rise to a high at $0.12. Positive momentum will eventually reach a high at $0.15. If the current support holds and the initial resistance is broken, the current positive momentum may continue. However, if the bullish momentum is not sustained, DOGE is at risk of falling back to the support low at $0.070.
Dogecoin indicator display
On the Relative Strength Index for period 14, DOGE is at level 54. In the bullish trend zone, it has regained its bullish momentum and is still capable of rising further. The cryptocurrency price is currently above the moving average lines, indicating a possible rise. The daily stochastic is at 70, which is a positive momentum for the coin. Moreover, the altcoin is approaching the overbought zone of the market.
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?
Since November 8, DOGE /USD has been moving sideways while trying to break the barrier at the high of $0.095. The altcoin's price is currently hovering between $0.070 and $0.0950. If the fluctuation range is broken, DOGE will show a trend.
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 Coin Idol. Readers should do their own research before investing in funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow