DOGE/USD quotes are traded at the level of 0.5033 and continue to move within the correction and the ascending channel. Dogecoin cryptocurrency capitalization at the time of the publication of the forecast is $65,300,030,817. Moving averages indicate a short-term bullish trend for Dogecoin. Prices are testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.4755 area. Where can we expect a rebound again and continued growth in the Dogecoin rate with a potential target above the level of 0.7205.
Dogecoin Forecast and DOGE/USD Analysis May 18, 2021
In favor of the growth of the DOGE/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option will be a fall in the value of the asset and a breakdown of the 0.4005 area. This will indicate a breakdown of the support area and a fall in the cryptocurrency rate with a potential target below the level of 0.2050. With the breakdown of the resistance area and closing of quotations above the level of 0.5500, we should expect confirmation of the development of a bullish trend in Dogecoin.
Dogecoin Forecast and DOGE/USD Analysis May 18, 2021 implies an attempt to correct and test the support area near the level of 0.4755. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.7205. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.4005 area. This will indicate a continued fall in the cryptocurrency with a target below the level of 0.2050.
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