DOGE Rises but Encounters an Obstacle at $0.16

Dogecoin (DOGE) Price Long-term Prediction: Bearish
The Dogecoin (DOGE) price is caught between the moving average lines but encounter an obstacle at $0.16. The bulls have broken above the 21-day SMA twice, resuming bullish momentum. During the May 4 surge, the bulls broke above the moving average lines but were unable to maintain their bullish momentum above the 50-day SMA.

Today, DOGE is trading above the 21-day SMA, attempting to retest or exceed the 50-day SMA. On the upside, if buyers are successful, Dogecoin will return to its former highs of $0.20 and $0.22. However, if the bulls fail to break the 50-day SMA for the second time, the current volatility will last for a few days. The DOGE/USD exchange rate is at $0.156 as of this writing. 

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Technical indicators
Major Resistance Levels – $0.12 and $0.14
Major Support Levels – $0.06 and $0.04
 
Dogecoin (DOGE) Indicator Reading 
The crypto’s price remains between the moving average lines as the cryptocurrency approaches the 50-day SMA high. The moving average lines are currently sloping horizontally as the altcoin moves within a range. DOGE has extended candlestick wicks at higher price levels. Strong selling pressure is implied at higher price points.

What is the next direction for Dogecoin (DOGE)?
Dogecoin trades in the center of the moving average lines  but encounters an obstacle at $0.16. The upward movement is met with resistance at the $0.16 high. DOGE will keep trading above the 21-day SMA support and the recent high if resistance is applied.

The altcoin has an earlier impediment, which makes its upward path questionable. Should DOGE drop below the 21-day SMA support, selling pressure will pick up. In the meanwhile, the crypto signal is limited within its confined range.

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