Price Analysis

Dogecoin Due for A 20% Upswing, DOGE Price May Close the Day’s Trade at $0.2

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 8, 2022

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Dogecoin price is attempting to stabilize a decent uptrend that may uplift the price close to $0.2. With the recent price slash, the price was feared to enter the same consolidation, luckily, the asset flipped from the immediate support but is yet to validate with an uptrend. As the bearish clouds still hover over the DOGE price rally and may fade only on sealing off certain pivot levels. 

The DOGE price witnessed a spike after being stagnant for nearly a month which was fueled by Mr Elon Musk’s announcement of Twitter shares. However, it was expected that it may be another short-term spike but the recent flip from the bearish divergence point toward a healthy rally incoming very soon. 

  • The DOGE price is maintaining a healthy uptrend ever since it flipped the bottoms during the mid-march very close to $0.11
  • Despite facing a false breakout from the consolidation, the asset is on the verge to retest the upper resistance once again in a short while from now
  • With a successful breach out from the ascending triangle, the prices are expected to climb high towards the monthly highs at $0.17
  • Sustaining above these levels may open the doors for the much-awaited target at $0.2 which may further validate the uptrend towards the higher target above $0.3. 

On the other hand, the indicators in the short term are also pretty bullish as the RSI is slowly laying down a strong uptrend. And after a huge sale, Dogecoin may witness a spike in buying as the MACD is on the verge to display a bullish cross over. 

Now when the Dogecoin price is displaying a clear path towards $0.2, no strong possibility of a trend reversal or a plunge may be expected. The technicals and the charts are extremely bullish which may stabilize a strong uptrend until the weekend initially. After a bullish weekly close, the upcoming week may turn the tables for the DOGE price. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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