Saturday, April 13, 2024

DOGE Price Hints A Massive Breakout, Despite Losing Its $0.1 Mark!

DOGE's Price Can Double

With the market leader, Bitcoin, achieving its $57,000 mark, the cryptocurrency industry has successfully reclaimed the $2 Trillion mark. It is currently valued at $2.15 Trillion, indicating a massive bullish influence in the crypto market.

Further, Dogecoin had recently achieved the $0.1 mark for the first time in over two months. However, the rally was short-lived, and the price experienced a minor pullback. The DOGE coin price has recorded a jump of over 5% within the past day and approximately 13% over the past week.

DOGE Price On The Path To Test Its Crucial Level!

The DOGE coin price displayed a neutral trend by trading in a narrow space between $0.07769 and $0.07980 for over a week, following which the market gained momentum and the memecoin broke out of the resistance level.

However, the rally was short-lived as the price faced rejection at $0.0803, after which the price traded between $0.07980 and $0.0803 for the next six days. As the market volatility grew, the leader of memecoins recorded a jump of 7.16% in valuation.

Dogecoin Price Analysis
TradingView: DOGE/USDT

Following this, the price traded in a closed range between $0.0803 and $0.08629 for about two weeks, during which the coin displayed significant fluctuations in the chart.

Recently, the bulls regained momentum and recorded a jump of approximately 19%, after which it faced rejection at $0.10. Since then, the price has been trading under a bearish influence and is on the verge of testing its crucial support level, the outcome of which is uncertain.

The Relative Strength Index (RSI) displays a sharp fall from above the overbought range, indicating a reversal of sentiments in the crypto industry. Further, the averages show a bearish convergence in the 4H time frame, suggesting a bearish price action for the coin in the coming days.

Will Dogecoin Price Go Up?

If the market holds the price above the support level of $0.09431, the bulls will regain momentum and test its resistance level of $0.09700. Maintaining the price at that level will set the stage for the DOGE price to attempt to retest its upper resistance level of $0.1 this week.

Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.08949. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.08629 in the upcoming weeks.

Was this writing helpful?

No Yes

Photo of Elena R

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Read More

Welcome Back!

Login to your account below

Retrieve your password

Please enter your username or email address to reset your password.

Don't miss the


Exclusive editorial

Breaking News

Quality Company Coverage

Expert Writers