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Dogecoin's High Price Of $0.19 Makes Market Penetration Difficult

source-logo  coinidol.com 26 March 2024 07:08, UTC

The price of Dogecoin (DOGE) has risen above the 21-day SMA after a rally.

Long-term forecast for the Dogecoin price: bullish

On March 19, the altcoin fell below the 21-day SMA and hit a low of $0.12. The bulls halted the decline and bought on dips. Due to strong buying at lower levels, DOGE rose above the moving average lines. The altcoin has returned to its previous high, although penetration remains difficult. At the time of writing, the altcoin is trading at $18.36.

If the resistance level of $19 is overcome, the market will rise to a high of $23. The price of the altcoin will fluctuate between $0.12 and $0.18 if buyers are unable to break through the recent high.

Dogecoin indicator reading

DOGE price bars have risen above the 21-day SMA. This suggests that the altcoin could see further gains. The uptrend is currently halted by resistance at $0.19. Despite the recent decline, the moving average lines remain on an uptrend.

Technical indicators

Key resistance levels – $0.12 and $0.14

Key support levels – $0.06 and $0.04

What's next for Dogecoin?

DOGE/USD has been in a sideways trend since the end of the uptrend on March 5. The price of the cryptocurrency is now moving between $0.12 and $0.19. DOGE will resume its uptrend as soon as the overarching resistance at $0.19 is broken.

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 research before investing in funds.