Black_background_logo_BitcoinWorld-removebg-preview
Dogecoin Rises, But Encounters Further Resistance At $0.080
Latest News News

Dogecoin Rises, But Encounters Further Resistance At $0.080

Dogecoin (DOGE) price has broken above the $0.075 barrier and resumed its uptrend but meeting with resistance at $0.080.

Before the bulls broke the current high, the $0.075 barrier was retested three times. On the plus side, Dogecoin is expected to hit the target price of $0.086.

As it approaches the desired price level, the altcoin is expected to face additional resistance. At the time of writing, DOGE had achieved a high of $0.0798.

Dogecoin Price Chart | Source: Coinstats

 

If buyers break above the $0.080 mark, Dogecoin’s next likely high is $0.10. The present upswing would be reversed if the bears broke below the 21-day SMA or support at $0.069. This would drive the altcoin even lower, to a low of $0.063.

Dogecoin Price Levels

 

Dogecoin Indicator Reading

On November 9, Dogecoin dropped below the 21-day SMA but immediately recovered. The extended candlestick tail indicates that there is considerable buying pressure at lower levels. As long as the price bars are above the sloping moving average lines, they will be driven higher. If the price bars fall below the moving average lines, the present uptrend will be broken.

Indicators of technical significance

Important resistance levels are $0.12 and $0.14.

Critical support levels are $0.06 and $0.04.

Read Also: Dogecoin (DOGE) Soars 10% as It Targets Higher Increase

What will be the next step for Dogecoin?

Dogecoin’s value is rising as it approaches higher price levels. The bulls are currently fighting to break beyond the $0.08 barrier. However, the altcoin is trading in the market’s overbought zone. If the sellers enter the overbought zone, the upswing is likely to encounter significant resistance.

As previously reported, Dogecoin entered a sideways trend on November 5 and plummeted below $0.067.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.