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.
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.
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