Price Analysis

DOGE Price Analysis: Fresh Explosive Move Pushes Dogecoin to Record Highs

news-image

Dogecoin (DOGE) surged ahead to a new record high of $0.3020, following a 100% advance on April 16, the biggest one-day rally since Jan. 29.

*DOGE price has been in an aggressive bullish rally in the last three days
*DOGE was trading up by 86.50% in the last 24 hours and 310.23% weekly
*Dogecoin re-enters top 10 cryptocurrencies by market cap

DOGE price has been in an aggressive bullish rally in the last three days, challenging a fresh all-time peak at $0.3020 on April 16. The bullish acceleration managed to break above the previous top at $0.1934 while The new all-time high was created surprisingly easily with no real battle from the bears at the resistance area. As of press time, DOGE was trading at $0.24 up by 86.50% in the last 24 hours and 310.23% weekly.

Advertisement

Dogecoin Reenters Top 10 Cryptocurrencies by Market Cap

Dogecoin has re-entered the top 10 cryptocurrencies by market cap. With a present valuation of $32.27 billion, Dogecoin ranked 8th at the time of post, flipping UniSwap and Litecoin. Dogecoin exploded to highs of $0.3020 on Apr. 16 after Elon Musk tweeted about DOGE once again. The Tesla CEO tweeted, “Doge Barking at the Moon” with a meme that points at higher DOGE prices.

Doge Daily Chart: Bullish

Doge Daily Chart: Bullish
DOGE/USD Daily Chart

DOGE price started a strong increase above the $0.1934 resistance on Apr. 16. The price then traded to a new all-time high at $0.3020. Overbought daily studies may slow the rally for extended consolidation. The sharp rally of the last three days has pushed the RSI into the overbought level at 93.7, indicating the possibility of a minor correction or consolidation. In terms of technical support, given the sharp gains, there are none around the recent price.

Therefore, DOGE price action in the short term is likely to carve out some form of support near the current levels. For the moment, the only key level is seen at the $0.1934 level. Below here, support awaits at $0.1466 (formerly barrier) and $0.096. Failure would allow for another pullback which should be ideally contained by the MA 50 ($0.063). On the upside, the bulls are likely to aim for another lift-off and they could target a new all-time high around $0.4 and $0.5 in the coming days.

DOGE 4-hour Chart: Bullish

DOGE 4-hour Chart: Bullish
DOGE/USD 4-Hour Chart

Fresh advance emerged above the bullish pennant on Apr. 16. The bulls gained strength, pushing DOGE price to highs of $0.3020. DOGE is presently consolidating under the record high on Friday. The upside is still likely to prevail as the RSI is yet to confirm overbought conditions at 78. Any further advance above the all-time high could attempt the $0.35 level. Even higher, the next stop could come from $0.4 and $0.5 levels. DOGE price action is supported by the $0.226 level, a rebound off this line will need to see Dogecoin making higher highs.

On the flip side, a pullback below the $0.226 could send the DOGE price towards the $0.272 (formerly resistance). Below this, the DOGE price could meet support at the $0.193 and $0.163 levels. Marginally beneath the latest level, the MA 50 at $0.095 could be in the spotlight. Overall, a repeated daily close above $0.19 would signal that bulls remain firmly in play. Only a clear break below the $0.1934 level would dent bulls and allow for a deeper correction.

Key Levels
Resistance Levels: $0.500, $0.400, $0.302
Support Levels: $0.193, $0.163, $0.146

Image Credit: Tradingview

Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event

Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tomiwabold Olajide

Tomiwabold is a currency trader and cryptocurrency analyst. A technical analyst, as well as an experienced fund manager, he has also co-authored several books on Forex trading. Tomiwabold pays great attention to cryptocurrency research, conducting a comprehensive price analysis and exchanging predictions of estimated market trends. He studied at the University of Lagos, Lagos.

Related Articles

Back to top button