Dogecoin is approaching a long-term resistance level. The weekly chart shows that in October, the price of DOGE, known as a popular cryptocurrency asset, broke the downward resistance line that existed for more than 900 days. It should be noted that since the historical maximum was reached, Dogecoin has made three unsuccessful attempts to break through this level.

On Wednesday, the DOGE price reached a one-year high around $0.106, close to the key horizontal resistance area. Interestingly, this coincided with the 10th anniversary of Dogecoin.

The relative Strength Index (RSI) is above the 50 level and is on the rise, which indicates a positive trend. The RSI is rising closer to the 70 mark, almost reaching the overbought zone. Similar behavior of the RSI in 2020 preceded the achievement of historical price highs.

Dogecoin (DOGE) forecast for December: Expert opinion

The daily chart shows that, despite the new annual maximum, the price formed a very long upper tail on Wednesday. Such tails are considered signs of pressure from sellers.

In addition, Dogecoin is located inside the resistance area at $0.095, which has existed since the beginning of the year. The crypto trader reported that he was withdrawing from his positions as the price reached this resistance level. He also warned that the loss of the $0.085 level could trigger a decline.

Despite the bearish price dynamics, the daily RSI gives bullish signals. The indicator has crossed the bearish divergence line and is moving up.

As a result, with such mixed signals, the direction of the DOGE movement will depend on whether the price can overcome this resistance area. Successful overcoming can lead to a 50% increase to the next resistance level at $0.145. In case of failure, it is possible to decrease by 25% to the nearest support at $0.070.