Wedge Breakout Offers 28% Hike in DOGE Price

On April 24th, the Dogecoin(DOGE) price gave daily candlestick closing below the $0.133 support, suggesting sellers may pull the coin to march bottom support of $0.111. However, today the coin chart shows a completed turnover as the DOGE price soars 5% and jumps above the $0.133 mark.

Key points:

• The DOGE price gives a weekly-candle closing below the $0.133 support
• The OBV indicator trending higher suggests strong bullish sentiment in the market.
• The 24-hour trading volume in the Dogecoin coin is $1.56 Billion, indicating a 337% gain.

Source-Tradingview

The DOGE/USDT pair has remained quite volatile for nearly three weeks now, wavering within a short range from $0.154 or $0.133. Furthermore, the technical setup shows the DOGE price responding to a falling wedge pattern and gradually nearing its apex. 

The DOGE price breached the $0.133 support on Sunday, suggesting the sellers may extend the ongoing correction phase. However, the coin witnessed a significant inflow today and triggered a 5% price jump.

This sudden pump was maybe bounded by the news that Twitter’s board will renegotiate with billionaire Elon Musk about the company’s takeover offer. Moreover, Musk had earlier proposed DOGE payment for the Twitter blue subscription. 

For coin holders-  A 337% volume spike suggests the DOGE price could give a bullish breakout from the resistance trendline. If buyers succeed, the altcoin will rise 23.8% higher, hitting the $20.173 resistance. 

However, the bullish thesis will invalidate if sellers pull the DOGE price below the trendline support, which may trigger a fall to $.0111 support.

Technical indicator

The 20-and-50- day EMA aligned with the resistance trendline mounts a strong defense for sellers. However, the coin price trading below the crucial EMAs reflects an overall bear trend. 

In contrast to the price action, the OBV indicator forms new higher highs, bolstering the 23.8% growth theory. 

• Resistance levels- $0.17 and $0.2
• Support levels- $0.13 and $0.11

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.