Dogecoin Recovers As Buyers Push Alternative Coin To $0.09 High

Dogecoin Recovers As Buyers Push Alternative Coin To $0.09 High

As the price of Dogecoin (DOGE) drops below its historical arithmetic mean, the price of DOGE has once again begun its descent to the downside. After failing to break through the $0.09 resistance zone, the value of the cryptocurrency has dropped all the way down to $0.067.

Price prediction for Dogecoin (DOGE) over the long term is bearish.

Today, purchasers drove the price of DOGE over the 50-day line simple moving average, while it is getting closer to the 21-day line simple moving average. If the price manages to break above the benchmark lines, the DOGE price will rise and once again hit the overriding resistance of $0.09 in the upward direction. If the cryptocurrency is unable to break through the 21-day simple moving average line, it will be forced to move between the moving average lines. If the bears succeed in breaking below the 50-day simple moving average, though, the altcoin could experience a price fall. In the meantime, the altcoin is trading at $0.07 at the time of writing.

a reading from the Dogecoin (DOGE) indicator

On the Relative Strength Index, Dogecoin is currently positioned at level 48 for the period of 14. As a result of the most recent price drop, DOGE is now trading in the downward zone. The price of the cryptocurrency is currently located between the simple moving averages of the 21-day line and the 50-day line, which may indicate a volatility range. The daily stochastic shows that dogecoin’s price is currently below the 20% range. This suggests that the market has reached the point where it is considered to be oversold. A new wave of purchasers has arrived, driving up the prices.

Indicators of a Technical Nature:

Key resistance levels are at $0.08 and $0.10 respectively.

Significant support can be found at $0.07 and $0.05.

Where will the Dogecoin (DOGE) cryptocurrency go from here?

Following the most recent pullback, the DOGE/USD pair has resumed its upward trajectory. If the current support at $0.067 is able to be maintained, the upward trend will proceed. At the time of this writing, the current price of $0.071 represents a new all-time high on the marketplace. Whereas if losers succeed in breaking below the $0.067 support level, the market volatility might persist. After that, the market will reach its lowest point, which is $0.61.