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.
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 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.
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.
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