According to the most recent price analysis from Coinidol.com, Dogecoin (DOGE) surged to a peak of $0.075 but has been unable to reclaim the previous high it achieved on October 26.
Long-term Dogecoin price prediction: optimistic.
Dogecoin (DOGE) has recently entered a period of sideways movement, slipping to $0.067. Notably, on October 26, a long candle wick suggests a substantial increase in selling pressure. As of the current moment, DOGE/USD is trading at $0.069.
Should the buyers successfully surmount the resistance levels at $0.070 and $0.075, the cryptocurrency is poised to reach its target price of $0.08. However, Dogecoin remains confined to a range, struggling to surpass previous highs, with its price fluctuating between $0.066 and $0.070.
Conversely, if the bears manage to breach the $0.066 support level, DOGE could decline to the breakout level of $0.064.
Dogecoin indicator analysis
Following the notable price surge on October 26, the moving average lines have transitioned into a sideways trajectory, with DOGE showing resistance against recent highs. In lower time frames, price bars either remain below or above the moving average lines, which accounts for the cryptocurrency’s current sideways trend. Nonetheless, there is a potential for DOGE to experience an upward movement, as observed on the daily chart, where price bars are positioned above the moving average line.
What is the next direction for Dogecoin?
The downtrend in Dogecoin has concluded, suggesting the potential for a price upswing. Price indicators signal a likelihood of reaching as high as $0.08. Currently, the bulls are in the process of retesting the $0.070 barrier, aiming for a potential breakout. Meanwhile, the altcoin’s price is consolidating within a range of $0.066 to $0.070.
As mentioned in our report on October 29, the bullish momentum surged to a peak of $0.075 but subsequently retraced on October 26. The altcoin dipped to a low of $0.067 before resuming its upward trajectory.