Dogecoin Consolidates Above $0.06 as Buyers and Sellers Remain Undecided

Dogecoin (DOGE) is in an uptrend as the price breaks above the moving average lines. The uptrend has been staved off as the altcoin finds support above the moving average lines.

Further upside is likely as the altcoin holds above the moving average lines. On the upside, a break above $0.076 will catapult DOGE to the high of $0.09. On the other hand, if the bears break below the moving average lines, the market will fall to the low of $0.06. If the price of DOGE holds above the moving average lines, a new uptrend should be established.

Dogecoin indicator reading

Dogecoin is at level 53 of the Relative Strength Index for the period 14, indicating that the altcoin is in the uptrend zone and capable of further upward movement. The price bars of the cryptocurrency are above the moving average lines, indicating a possible rise of the coin. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend. The altcoin is above the 40% area of the daily stochastic. This indicates that the coin has bullish momentum. 

Technical indicators:  

Major Resistance Levels — $0.12 and $0.14

Major Support Levels — $0.06 and $0.04

What is the next direction for Dogecoin?

Dogecoin has rallied as it trades above the moving average lines. However, the price movement was insignificant as there are small indecisive candles called doji. Dogecoin will develop if the altcoin maintains a price upswing.

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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