Dogecoin (DOGE) resumed its uptrend after breaking the 50-day moving average (SMA) level on July 20. The altcoin rose to $0.136 after a low of $0.09.
DOGE is currently holding above the support level of the 50-day SMA at $0.13. If the cryptocurrency stays above this support, the bullish trend is expected to continue, with possible reaches of the previous levels at $0.16 and $0.18. Otherwise, if the price falls below the 50-day SMA support, the bullish outlook could be revised. In this case, DOGE could fall below the current level and make a low above the 21-day SMA.
Current Indicators:
DOGE has risen above the 21-day SMA and the 50-day SMA. The 4-hour chart shows that the moving average lines are sloping upward, indicating a continued bullish trend.
Key Levels:
- Resistance: $0.22 and $0.24
- Support: $0.14 and $0.12
DOGE is in a bullish trend area, but has pulled back to the support level at $0.13. This level must hold for the upside to continue. In case of a breakdown of the $0.13 support or the 50-day SMA, the altcoin could face downside.
On July 16, Coinidol.com reported that DOGE returned to the $0.126 level. The altcoin was expected to resume gains after breaking resistance at $0.127 and the 50-day SMA.
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