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Home » Will Dogecoin Price Cross the $0.1 Mark in April 2023?

Will Dogecoin Price Cross the $0.1 Mark in April 2023?

Hania by Hania
April 10, 2023
in Altcoin News, Crypto Price Predictions
Reading Time: 2 mins read
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Dogecoin's Price Bounces Back After 2023's Worst Shorting Period
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DOGE Price Prediction: Despite Twitter’s blue bird logo, the Dogecoin emblem appeared on April 3, which contributed significantly to the ongoing recovery in the price of the cryptocurrency. As a result, the coin price shot up to $0.1.05, its highest level in 4 months, before reversing lower and entering a correction phase. Should you take advantage of this DOGE pullback opportunity?

Important Points

  • The DOGE price might increase if there is a potential reversal from the 0.618 FIB and gain back lost territory. 
  • The current decline will be prolonged by a drop below the 0.618 FIB, which will show a weakness in bullish momentum.
  • A 58% drop is indicated by the $1.69 billion in 24-hour trading volume for Dogecoin.
Will Dogecoin Price Cross the $0.1 Mark in April 2023
Source-Tradingview

The Dogecoin price began to decline on April 4th from the psychological level of $0.1, which began a new retracement phase. The coin’s price fell 19% during the previous five days to reach its current level of $0.0828.

As a result of this decline, the gains made during the Twitter announcement also vanished, showing that the buyers were unable to maintain this news-driven spike. The combined support of the $0.08 and 0.618 Fibonacci retracement levels has almost been achieved by the DOGE price.

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Will Dogecoin Price Cross the $0.1 Mark in April 2023?

Theoretically, buyers might find support from this low FIB support to continue the bullish comeback. As a result, prospective traders must hold off on investing their money in the market until the price demonstrates sustainability above these levels.

In the event of a potential reversal from $0.08, the price will increase 9% to the key resistance level of $0.09 and regain bullish momentum. The potential rebound or continuation of the downturn is affected by this resistance, therefore traders must pay attention to it.

Technical Indications

(RSI) Relative Strength Index: Despite a substantial correction, the daily RSI slope was able to hold above the midline, indicating that the market is expecting a bullish comeback.

EMAs: A very concentrated support zone was created by the daily EMAs (20, 50, 100, and 200) accumulating close to the $0.08 support.

Intraday Levels of the Dogecoin Price

  • Spot rate: $0.082
  • Trend: Bearish
  • Medium volatility
  • Resistance levels: $0.09 and $0.01 
  • Support levels: $0.08 and $0.071
Tags: crypto newsmarket analysisprice prediction
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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