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Dogecoin Turns and Faces Stiff Resistance at $0.08 Overhead Resistance

Date:

Aug 14, 2022 at 09:30 // Price

In the last 48 hours, Dogecoin (DOGE) has made an upward move as bulls bought the dips. On August 11, the price of DOGE rose to a high of $0.075, but then fell back to a low of $0.070.

Today, the altcoin has risen to the high of $0.0751, which is the historical level of June 26. If the bulls break through the resistances at $0.075 and $0.077, the altcoin will rise to the high of $0.088. Today, the current uptrend is rejected at $0.075. Dogecoin will be forced to continue its movement between $0.067 and $0.073 if the cryptocurrency fails to rise to an earlier high of $0.088.

Dogecoin indicator reading

Dogecoin is at level 63 of the Relative Strength Index for the period 14. DOGE is in the uptrend zone as it approaches the overbought area of the market. The cryptocurrency price is above the moving average lines, which indicates further upward movement. It is above the 70% area of the daily stochastic. This indicates that the market is in a bullish momentum.

DOGEUSD(Daily_Chart)_-_August_13.png

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 remains in an upward correction as the altcoin trades above the moving average lines. The upward movement was slowed down by the appearance of the doji candle. The small candle bodies indicate the indecision between buyers and sellers about the direction of the market.

DOGEUSD(Daily_Chart_2)_-_August_13.png

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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