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DOGECOIN PRICE ANALYSIS CMP- $0.1000: "Doge Surges by 30% to Reach a 5-Month High Following Twitter's Logo Rebranding"

Key Takeaways
  • A bullish breakout has occurred from the resistance trendline of the previously identified falling wedge pattern
  • Doge is currently trading above its 20, 50, 100 and 200-day moving averages
04-Apr-2023 By: Lokesh Gupta
DOGECOIN PRICE ANALY

On April 3rd, the price of Dogecoin experienced a significant surge in response to the temporary change of the Twitter logo from a bluebird to the face of the beloved Dogecoin, ultimately triggering a five-month-long falling wedge pattern.

DOGE has experienced a significant surge of over 27%, successfully surpassing the $0.08500 resistance level. However, in order to maintain this upward momentum in the short term, DOGE must exceed the $0.10000 level. 

The price of Doge has recently found a robust support level around the $0.08000 mark. Following this, Doge has formed a solid foundation and has begun a significant upward trend, surpassing the $0.08500 resistance level. The coin has also broken through the $0.09000 resistance levels, indicating a positive market sentiment.

The pair has successfully surpassed the resistance zone of $0.09400, and the price breached the major levels of $0.1000 and surged towards $0.10500. A new high has been established at approximately $0.10500, but the price is currently undergoing a correction. As of now, the Doge price is trading above $0.10000 and the 21 hour simple moving average. 

Firstly, there is an immediate resistance level at $0.1050. Beyond this, the first substantial barrier is formed at the $0.1080 level. However, the major resistance is currently formed at $0.1120. Should the price manage to break through the $0.1300 level, it is likely that we will see a rapid increase in value. In this scenario, it is possible that the price may gradually rise towards $0.1520. 

If the price of DOGE fails to surpass the $0.1050 mark, it is likely to experience a decline. However, there is immediate support at $0.1000. If this level is breached, it could indicate the start of a new drop towards $0.09400. In the event that the price falls below this level, it may test the $0.08900 mark.

According to Price Analysis, this DOGE market capitalization is expected to be $13,886,635,948 The coin's 24-hour trading volume is around $4,511,511,897.

KEY LEVELS :

RESISTANCE LEVEL : $0.1050-$0.1100

SUPPORT LEVEL : $0.09500-$0.09000

Dogecoin (DOGE) is currently undergoing significant price fluctuations, having reached an intra-day high of $0.10500. As of writing, the price has slightly stabilized, but the question remains: is this a sign of a bullish reversal for the most famous meme coin, or is it simply a failed breakout? We invite you to share your thoughts in the comments section below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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