DOGE Retreats Above $0.22 as It Continues Its Bullish Advance

Dogecoin (DOGE) Price Long-term Prediction: Bullish

Dogecoin’s (DOGE) price breaks the first barrier at $0.19 while continuing its bullish advance. On May 11, the bullish momentum reached a peak of $0.259. If the current barrier is broken, DOGE might see a further upward move to the highs of $0.28 and $0.31. However, when buyers failed to sustain the upward trend above the $0.25 peak, DOGE has retreated. 

Following its rejection at the most recent high, DOGE has been trading above the $0.22 support for the last five days. On the negative, if the $0.22 support is broken, DOGE will drop to the low of $0.176. DOGE is descending in the direction of the moving average lines.

Technical indicators

Major Resistance Levels $0.45 and $0.50
Major Support Levels – $0.30 and $0.25

Dogecoin (DOGE) Indicator Reading

The upward-sloping moving average lines are beneath the DOGE price bars. The altcoin has a bullish signal since the 21-day SMA is higher than the 50-day SMA. DOGE is currently retracing in the direction of the 21-day SMA. If the altcoin retraces and stays above the 21-day SMA support, it will continue its bullish rise. If the negative trend breaks below the 21-day SMA, the bullish accent might expire.

What is the next direction for Dogecoin (DOGE)?

DOGE is currently in a sideways trend while continuing its bullish advance. The altcoin is bouncing between the resistance at $0.25 and the $0.22 support. Once the cryptocurrency asset surpasses the $0.25 barrier, it will continue to rise. The price of DOGE is holding today as it looks to move back above the $0.22 current support level. If the altcoin stays above the moving average lines, the crypto signal will be positive.

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