Dogecoin Rises as It Approaches the $0.08 Overhead Resistance

Dogecoin (DOGE) is trading marginally as the cryptocurrency’s price rises above its moving average lines. Since June 26, the uptrend has been restored at the $0.07 high.

In the past month, the Dogecoin price fluctuated between $0.062 and $0.077. If the bulls break through the resistance at $0.077, the altcoin will rise to the high of $0.08. However, if the bears break below the moving average lines, the market will fall to the low price level of $0.05. Meanwhile, DOGE is trading at $0.070 at the time of writing. 

Dogecoin indicator reading

Dogecoin is at level 59 of the Relative Strength Index for the period 14. The altcoin is in the bullish trend zone and is capable of rising further. The price of the cryptocurrency is above the moving average lines, which indicates further upward movement of the altcoin. The altcoin is above the 40% area of the daily stochastic. This indicates that the market is in a bullish momentum.

Technical indicators:  

Major Resistance Levels — $0.08 and $0.10

Major Support Levels — $0.07 and $0.05

What is the next direction for Dogecoin?

DOGE/USD is in a sideways movement, but the uptrend was stopped by the resistance at $0.077. The market will resume its upward movement when the upper resistance is broken. However, the movement will continue if the small-body candles called doji continue to dominate the price action. 

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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