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DOGE Price Prediction: The ongoing recovery in Dogecoin price witnessed a significant inflow on April 3rd due to the appearance of the Dogecoin icon despite Twitter’s blue bird logo. As a result, the coin price surged to a 4-month high of $0.1.05 before reverting lower for a correction phase. Should you grab this pullback opportunity in DOGE?
Key Points
- A possible reversal from 0.618 FIB could encourage the DOGE price to reclaim lost ground
- A breakdown below the 0.618 FIB will reflect weakness in bullish momentum which prolongs the ongoing downfall.
- The 24-hour trading volume in the Dogecoin coin is $1.69 Billion, indicating a 58% loss.
Source-Tradingview
On 4th April, the Dogecoin price turned down from the $0.1 psychological level and triggered a new retracement phase. Over the last five days, the coin price has tumbled 19% and reached the current price of $0.0828.
This downfall also evaporated the gains witnessed during the Twitter news, indicating the buyers were unable to sustain this news-driven rally. However, the DOGE price has nearly reached combined support of $0.08 and 0.618 Fibonacci retracement levels.
In theory, this low FIB support is still strong enough to bolster buyers in resuming the bullish recovery. Thus, interested traders must wait for the price to show sustainability above these levels before entering their funds in the market.
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A possible reversal from $0.08 will recuperate bullish momentum and surge the price 9% higher to reach the significant resistance of $0.09. The traders must look at this resistance as it influences the possible recovery or downtrend resumption.
Technical indicators
RSI: despite a significant correction the daily RSI slope managed to sustain above the midline indicating the market sentiment favors a bullish recovery.
EMAs: the daily EMAs(20, 50, 100, and 200) accumulated near the $0.08 support creating a highly concentrated support zone.
Dogecoin Price Intraday Levels
- Spot rate: $0.082
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $0.09 and $0.01
- Support levels- $0.08 and $0.071
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.
Source: https://coingape.com/markets/doge-price-prediction-will-dogecoin-price-surpass-0-1-mark-in-april-2023/