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Dogecoin Consolidates Above $0.24, Unable to Sustain Above $0.27 High


coinidol.com 24 October 2021 10:13, UTC
Reading time: ~2 m

Today, Dogecoin (DOGE) is trading above the $0.24 support after being rejected three times. The cryptocurrency is in the middle of the price range between $0.22 and $0.26.

The DOGE price is now consolidating above the $0.24 support, after the October 6 uptrend, when bears failed to sustain the bullish momentum above the $0.27 high. After four unsuccessful attempts to break above resistance, Dogecoin was forced to move sideways. Currently, the cryptocurrency is trading in the bullish trend zone as the altcoin is capable of another upward movement. DOGE/USD will rally to the high at $0.31 if the resistance at $0.27 is broken. Otherwise, the cryptocurrency will continue to fluctuate between $0.22 and $0.26.

Dogecoin indicator reading

The DOGE price is at the 54 level of the Relative Strength Index of the period 14. The altcoin has risen into the uptrend zone as it is above the midline 50. The moving averages of the 21-day line and the 50-day line are horizontally sloping, indicating a sideways movement.

Technical indicators:  

Major Resistance Levels - $0.80 and $0.85

Major Support Levels - $0.45 and $0.40

What is the next direction for Dogecoin?

DOGE/USD is in a range between $0.22 and $0.26. The price of DOGE has been trading in a range for over two weeks as buyers have been unable to break the recent high. The upward movement will continue if the price breaks above the resistance at $0.26 and $27. The altcoin is consolidating in the middle of the price range. The current range is likely to continue for a few more days.

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 funds.


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