Dogecoin (DOGE) has resumed its uptrend after rising above the 50-day SMA on July 20. The altcoin has risen to a high of $0.136 after previously hitting a low of $0.09.
Dogecoin price long-term prediction: bullish
The altcoin has pulled back above the 50-day SMA or the $0.13 support. If the price of the cryptocurrency stays above the 50-day SMA support, the uptrend will continue. DOGE will reach its previous highs of $0.16 and $0.18.
If DOGE price falls below the 50-day SMA support, the bullish scenario will invalidate. DOGE will fall below the 50-day SMA and make a low above the 21-day SMA support. The altcoin is currently worth $0.132.
Dogecoin indicator reading
The price of DOGE has risen above the 21-day SMA support and the 50-day SMA resistance. The uptrend will start if the crypto price retraces and stays above the 50-day SMA support. On the 4-hour chart, the moving average lines are sloping upwards, indicating an uptrend.
Technical indicators
Key Resistance Levels $0.22 and $0.24
Key Support Levels – $0.14 and $0.12
What is the next direction for DOGE?
DOGE is trading in a bullish trend zone but has fallen back above the $0.13 support. The current support level of $0.13 must hold for the uptrend to begin. The altcoin will fall if the bears break the $0.13 or 50-day SMA support.
On July 16, Coinidol.com reported that DOGE has bounced back to its previous high of $0.126. It was predicted that DOGE can resume its uptrend once it breaks through the resistance at $0.127 and the 50-day SMA on the daily chart.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
