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Dogecoin (DOGE) has continued its uptrend after the recent dip. Price analysis by Coinidol.com.
Long-term forecast for the Dogecoin price: bullish
The price of the cryptocurrency has made a series of higher highs and higher lows before starting its rally. The bullish momentum has been sustained, with bulls breaking through the $0.22 and $0.30 resistance levels.
On November 12, the upward trend extended to a high of $0.439 before falling again. DOGE's price is above the support level of $0.35 but below the resistance level of $0.45.
If the bulls break through the current barrier, the altcoin could reach a high of $0.50. DOGE could fall if it loses its current support at $0.37.
Dogecoin indicator reading
On the daily chart, the price bars are above the sloping moving average lines, indicating that the uptrend is intact. However, the price bars are below and above the horizontal moving average lines. This suggests that DOGE is currently in a rangebound movement. Doji candlesticks have slowed price activity.
Technical indicators
Resistance Levels $0.45 and $0.50
What is the next direction for DOGE?
The 4-hour chart shows that DOGE is in a sideways trend after reaching resistance at $0.439. The price of the cryptocurrency is stabilizing above the support of $0.35 but below the resistance level of $0.40. The uptrend will resume once the bulls break above the resistance at $0.45. Similarly, the altcoin will fall if the $0.35 support is broken.
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.