NewsletterDogecoin Price Analysis: Wedge Breakout Offers 28% Hike in DOGE Price
On April 24th, the Dogecoin(DOGE) price gave daily candlestick closing below the $0.133 support, suggesting sellers may pull the coin to march bottom support of $0.111. However, today the coin chart shows a completed turnover as the DOGE price soars 5% and jumps above the $0.133 mark.
Key points:
- The DOGE price gives a weekly-candle closing below the $0.133 support
- The OBV indicator trending higher suggests strong bullish sentiment in the market.
- The 24-hour trading volume in the Dogecoin coin is $1.56 Billion, indicating a 337% gain.
Source-Tradingview
The DOGE/USDT pair has remained quite volatile for nearly three weeks now, wavering within a short range from $0.154 or $0.133. Furthermore, the technical setup shows the DOGE price responding to a falling wedge pattern and gradually nearing its apex.
The DOGE price breached the $0.133 support on Sunday, suggesting the sellers may extend the ongoing correction phase. However, the coin witnessed a significant inflow today and triggered a 5% price jump.
This sudden pump was maybe bounded by the news that Twitter’s board will renegotiate with billionaire Elon Musk about the company’s takeover offer. Moreover, Musk had earlier proposed DOGE payment for the Twitter blue subscription.
For coin holders- A 337% volume spike suggests the DOGE price could give a bullish breakout from the resistance trendline. If buyers succeed, the altcoin will rise 23.8% higher, hitting the $20.173 resistance.
However, the bullish thesis will invalidate if sellers pull the DOGE price below the trendline support, which may trigger a fall to $.0111 support.
Technical indicator
The 20-and-50- day EMA aligned with the resistance trendline mounts a strong defense for sellers. However, the coin price trading below the crucial EMAs reflects an overall bear trend.
In contrast to the price action, the OBV indicator forms new higher highs, bolstering the 23.8% growth theory.
- Resistance levels- $0.17 and $0.2
- Support levels- $0.13 and $0.11
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Bitcoin Risks Deeper Fall on $20 Billion Crypto Hedge Fund Redemptions
- Crypto Attack of the Century? Solana Network Resists Historic DDoS With Zero Downtime
- Shiba Inu News: SHIB Scores Major Win With U.S. Regulated Derivatives Launch
- Strategy’s mNAV Slips to Lowest Ever as MSTR Stock Falls 8%, Will Michael Saylor Sell Bitcoin?
- Breaking: Bitwise Solana Staking ETF (BSOL) Records First Outflow as Institutions Panic
- Here’s How Dogecoin Price Could Rise After Crossing $0.20
- Is XRP Price Headed for $1.5 as Whales Dump 1.18B XRP in Just Four Weeks?
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
