Dogecoin Climbs Above $0.076 Support And Regains Momentum

Apr 30, 2023 at 06:22 // Price
Author
Coin Idol
DOGE will be forced to fluctuate between the moving average lines

Dogecoin (DOGE) price is still moving sideways after failing to overcome the high resistance level of $0.095.

Dogecoin price long term forecast: bearish

The movement has been sideways since January 31. Dogecoin price fell below the moving average lines today, but has now recovered above the 50-day line SMA. At the time of writing, the price is at $0.0807. The cryptocurrency is above the 50-day line SMA, even though it is below the 21-day line SMA. The bullish momentum will resume when the price of DOGE rises above the 21-day line SMA. The altcoin will rise to retest or break above the overhead barrier at $0.095. When the bears tried to push DOGE back to its previous low on April 26, the bulls were above the $0.075 support. In the meantime, the altcoin will be held between the moving averages for a few days.

Dogecoin indicator display

The Relative Strength Index for the 14 period is at 47. The altcoin is in a bearish trend zone and could fall. Once the altcoin rises above the 50-day line SMA, it will start moving sideways again. The cryptocurrency will probably have to move in a range. The altcoin has bullish momentum but is above the 80 level of the daily stochastic. The altcoin might fall as it is in the overbought region of the market.

DOGEUSD(Daily Chart) - April 29.23.jpg

Technical indicators

Key resistance levels - $0.12 and $0.14

Key support levels - $0.06 and $0.04

What is the next direction for Dogecoin?

After the recent negative momentum, DOGE /USD is consolidating above the support level of $0.076. The value of the cryptocurrency is rising as it exceeds the 50-day SMA line. In the next few days, DOGE will be forced to fluctuate between the moving average lines.

DOGEUSD(4 Hour Chart) - April 29.23.jpg

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 in funds.

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