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DOGECOIN PRICE ANALYSIS CMP- $0.08185: "Will Elon Musk ignite another Dogecoin rally?"

Key Takeaways
  • DOGE has successfully broken out from a long-term resistance line
  • DOGE market is exhibiting indications of stabilisation following a recent correction
  • On the hourly chart, it can be observed that DOGE is currently trading within the Bearish Flag pattern
12-Apr-2023 By: Lokesh Gupta
DOGECOIN PRICE ANALY

Following a notable surge in price, the bulls 

were unable to sustain the upward momentum, indicating a market rally that ultimately lost steam and failed to maintain its trajectory.

Dogecoin's value has been on a downward trend since April 4th, following a loss from the psychological mark of $0.1, triggering a new phase of retracement. The cryptocurrency's price has dropped by 18.20% in the last five days, resulting in a current value of $0.08200.

Dogecoin has undergone a bearish correction subsequent to hitting a high of $0.1050 versus the US Dollar. Nonetheless, the cryptocurrency is currently exhibiting resilience as it has managed to hold firm at a key support level of $0.080. This support level could act as a springboard for a potential bullish move, leading to a fresh increase in the value of Dogecoin.

After a substantial upsurge, the value of Dogecoin encountered a resistance level at $0.1050, which proved difficult to surpass. Consequently, DOGE underwent a significant bearish correction and dropped below the support level at $0.0920.

DOGE witnessed a significant decrease in value, falling below the key support level of $0.090 and subsequently breaking through the $0.08500 level. The price reached a low of around $0.08036 before starting to consolidate its losses. Nonetheless, it is important to mention that the cryptocurrency is still trading above the $0.08300 zone and the 100-hour simple moving average.

DOGE/USD is currently facing strong resistance at the $0.0840 level, which may hinder any further downside movement. To continue the upward momentum, the price needs to overcome the first major hurdle at the $0.0862 level. This level is in proximity to the 23.6% Fibonacci retracement level of the recent decline from the $0.1050 high to the $0.08035 low. If the price can surpass this level, the next target would be the $0.0930 resistance level. Further bullish momentum could take the price up to $0.10000-$0.10500

In case DOGE/USD is unable to gather bullish momentum above the $0.0840 level, the price may experience further downside pressure. The first support level on the downside is situated at the $0.0800 level, followed by a significant support level at $0.0760. If the price breaches below the $0.0760 support level, it may encounter additional selling pressure, potentially driving it to the $0.0700 level.

According to Price Analysis, this DOGE market capitalization is expected to be $11,381,449,214. The coin's 24-hour trading volume is around $528,419,365.

KEY LEVELS :

RESISTANCE LEVEL : $0.08400-$0.08800

SUPPORT LEVEL : $0.08000-$0.07600

Has Dogecoin (DOGE) finally lost its momentum? The cryptocurrency has experienced a significant drop of 22% in just three days. This begs the question, how much further can it fall? We would love to hear your thoughts on the matter, so please share your views in the comment 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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