Dogecoin Price Soars After Breaking Resistance, Recovery Expected
The price of Dogecoin (DOGE) has skyrocketed after recovering above the 21-day SMA or the $0.084 support. The price of the cryptocurrency has broken through the $0.090 and $0.10 resistance. On March 6, momentum had reached a high of $0.167.
On a positive note, DOGE will fully recover once buyers push the altcoin to a high of $0.55. The uptrend has stalled below the high of $0.17. The current uptrend will continue once the obstacle at $0.17 is overcome.
On February 26, the price bars consolidated and rose above the moving averages. The horizontal moving average lines are trending upwards, indicating an uptrend. The cryptocurrency is moving into the overbought region of the market.
Key resistance levels – $0.12 and $0.14
Key support levels – $0.06 and $0.04
The cryptocurrency is in an uptrend on the 4-hour chart. The altcoin is showing a pattern of higher highs and higher lows. Currently, the altcoin has reached a high of $0.1723 before being pushed back. The DOGE uptrend will end when the price pattern is broken.
Analyst comment
Positive news. The market analysts predict that Dogecoin will continue to recover and reach a high of $0.55, overcoming the obstacle at $0.17. The altcoin is currently in an uptrend with higher highs and higher lows. Resistance levels to watch are $0.12 and $0.14, while support levels are $0.06 and $0.04.
