Dogecoin Holds above $0.21 amidst Bullish Expectation

Dogecoin (DOGE) upside is meeting with dissent at the high of $0.23. For the past two days, DOGE has been forced to make a sideways move as a result of recent rejection. Buyers have been repelled three times as they attempt to push the altcoin above the resistance level.

By all appearances, it is likely that the current resistance will be broken, but the uptrend could be short-lived. DOGE price will break resistance and return to the range-bound zone. Currently, Dogecoin is in a sideways trend above $0.21 support. The cryptocurrency will rise to retest the $0.23 resistance level.

Dogecoin indicator reading

Dogecoin has fallen to the 39 level on the Relative Strength Index for period 14. This indicates that the cryptocurrency is in the downtrend zone and is capable of falling to the downside. DOGE is below the 80% area of the daily stochastic. This indicates that altcoin is in bearish momentum. The 50-day and 21-day lines SMA are sloping south, indicating the downtrend.

Technical indicators:

Major Resistance Levels – $0.80 and $0.85

Major Support Levels – $0.30 and $0.25

What is the next direction for Dogecoin (DOGE)?

Dogecoin is likely to make a short uptrend on the upside. Meanwhile, on July 21 uptrend, a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOGE will fall to the 1,272 Fibonacci extension level and reverse. From the price action in the market, the DOGE price consolidated above the $0.21 support.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

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