Dogecoin Reaches Bullish Exhaustion and Rises Beyond $0.08

Key Resistance Levels: $0.10, $0.12, $0.14
Key Support Levels: $0.08, $0.06,$0.04

DOGE/USD Long-term Trend: Bullish
Dogecoin (DOGE) has been trading in the bullish trend zone as it rises beyond $0.08. The cryptocurrency asset is swaying below the $0.09 resistance. The price couldn’t be kept above the most recent high by buyers. Once the resistance at $0.09 is overcome, DOGE will rise to its previous high of $0.11.The presence of Doji candlesticks makes the upward movement speculative. The price of the cryptocurrency is restricted to the range of $0.08 and $0.09. However, sellers will attempt to break through the current support if the altcoin is unable to overcome the resistance at $0.09. The downtrend will resume if there is a break beneath the resistance at $0.08 in price.

Daily Chart Indicators Reading:
The Relative Strength Index for period 14 shows that Dogecoin is at level 58, which is in the bullish trend zone. The moving average lines that are the cause of the price increase are above the price bars. A sideways trend is indicated by the horizontal moving average lines.

DOGE/USD Medium-term bias: Bullish
DOGE is in a sideways trend but is above the moving average lines on the 4-hour chart. The resistance level of $0.08 is where the upward movement has been rejected. If the price breaks below the moving average lines and the bullish momentum continues, the selling pressure will pick up again.

4-hour Chart Indicators Reading
DOGE has a bullish momentum above the daily Stochastic level of 75. The moving average lines slant sideways, indicating a sideways trend. When the range bound levels are broken, the altcoin will trend.

General Outlook for Dogecoin
The price of Dogecoin is settling above the $0.08 support as it rises beyond $0.08. Doji candlesticks have caused the price movement to remain unchanged. As it trades in the upward momentum, DOGE could climb.


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