DOGE Attempts a Bullish Run as It Bounces Above $0.16

Technical indicators

Major Resistance Levels – $0.16 and $0.18
Major Support Levels – $0.10 and $0.08

Dogecoin (DOGE) Price Long-term Prediction: Bullish

Dogecoin (DOGE) prices have been steadily rising as it bounces above $0.16. The cryptocurrency price is making a series of higher highs and higher lows. DOGE rose to a high of $0.1796 but was halted at the $0.18 mark. Buyers failed to maintain the bullish momentum above the current high, resulting in the fall.

The altcoin has retraced to a low of $0.1541 but the bulls have bought the dips. On the upside, if the bulls break through the barrier of $0.18, the altcoin will rise to a high of $0.20.The selling pressure has subsided, and the cryptocurrency price is hovering above the $0.16 support. The uptrend will resume if the present support or 21-day SMA support holds. DOGE is now worth $0.1606.

Dogecoin (DOGE) Indicator Reading 

The cryptocurrency price is bouncing in a bullish pattern above the moving averages. The uptrend will continue as long as the price is higher than the moving average lines. On the 4-hour chart, the price bars are caught between the moving average lines. The altcoin will be restricted for a few days.

What is the next direction for Dogecoin (DOGE)?

DOGE declines between the moving average lines on the 4-hour chart but bounces above $0.16. The altcoin trades above the 50-day SMA support and below the 21-day SMA resistance. DOGE is consolidating while caught between the moving averages. The value of the altcoin will change when the moving average lines are broken. Meanwhile, the crypto signal remains range-bound, with the altcoin facing rejection at its recent high.

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