DOGE Price Prediction: Buyers in Control May Drive the Dogecoin Price for a 50% Rally

Doge Price Prediction: Today, on April 19th, the Dogecoin price witnessed significant outflow amid the broader market sell-off. In the early hours, the DOGE price recorded a 10% intraday fall but by press time(12:30 pm NY, USA), this memecoin shows a 3.5% loss. Thus, the resulting recovery shows a long lower price rejection in the daily candle indicating the buyers continue to accumulate at a lower levels. Moreover, this long-tail rejection at an ascending support trendline increases the possibility of uptrend resumption.

Key Points

• The daily time frame chart shows the formation of a double-bottom pattern
• A potential golden crossover between the 50-and-200 will intensify the buying pressure in the market.
• The 24-hour trading volume in the Dogecoin coin is $1.16 Billion, indicating a 46% gain.

Source-Tradingview 

Over the past six weeks, the Dogecoin price has experienced significant growth under the influence of the support trendline. Amid this recovery, the coin price recorded 40% growth the swing low of $0.623 and currently exchange hands at $0.088.

Despite the sudden selling pressure in the crypto market, the Dogecoin price managed to show its sustainability above the rising trendline with a long-tail rejection candle. If the buying pressure persists, the prices may soar 12% to challenge the $0.1 neckline resistance of the double bottom pattern.

In theory, the pattern is one of the most commonly observed reversal patterns, encouraging buyers to turn the prevailing downtrend into an uptrend. Thus, under the influence of this pattern, the Dogecoin price breaches the $0.1 psychological resistance offering a long entry opportunity to traders.

Also Read: 15 New Cryptocurrencies To Buy In 2023

In ideal bullish conditions, this bullish setup could lead the Dogecoin price to 50% up to hit $0.134.

Technical indicators

MACD: Despite a notable correction, the MACD(blue) and signal(orange) line prevented a bearish crossover indicating the overall market sentiment remains bullish.

EMAs: In the last two weeks, the Dogecoin price has shown the 20-day EMA act as a significant support during the occasional pullback in rising prices.

Dogecoin Price Intraday Levels

• Spot rate: $0.088
• Trend: Bearish
• Volatility: Medium
• Resistance levels- $0.1 and $0.11
• Support levels- $0.79 and $0.66