Dogecoin price analysis: DOGE eyes 20 percent rally to ascend up to $0.20

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TL;DR Breakdown

  • Dogecoin price analysis shows potential to move up to $0.20 after consolidating above support
  • 24-hour price movement showed a 2 percent increment with trading volume up by 87 percent
  • Daily close below $0.13 support will invalidate bullish momentum

Dogecoin price analysis is bullish today, as price racked up more than 2 percent over 24 hours and trading volume went up by 87 percent. Price bounced off the $0.13 support level to set up a potential 20 percent rise up to $0.20. DOGE receded to lows of $0.11 on March 23 and had been stuck to the lower limit since. However, after rallying more than 7 percent up to current price at $0.14, the current trend poses potential to retest the $0.17 resistance and then following on to the $0.20 target.

The larger cryptocurrency market posed largely bearish signs over the past 24 hours, providing further testament to market interest in DOGE. Bitcoin dropped below $40,000 once again with a 3 percent dip, while Ethereum struggled to maintain above the $3,000 mark. Among Altcoins, Ripple rose up to $0.72 with a minor increment, whereas other major Alts suffered bloodbaths across the market. Terra dropped more than 6 percent to $81.70, while Cardano dropped 4 percent to $0.93. Solana also dropped 4 percent to $100.6, while Polkadot lowered 2 percent to $17.90.

Dogecoin price analysis: DOGE eyes 20 percent rally to ascend up to $0.20 1
Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

Dogecoin price analysis: Price breaks past crucial EMA on 24-hour chart

On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen rising massively since the April 11 retracement down to $0.128. Since then, DOGE price has risen more than 8 percent to $0.147 and carries potential to touch first resistance at $0.17. The price action has also surpassed the crucial 50-day exponential moving average (EMA) at $0.142.

Dogecoin price analysis: DOGE eyes 20 percent rally to ascend up to $0.20 2
Dogecoin price analysis: 24-hour chart. Source: Trading View

Similarly, the market valuation for DOGE is on the up as the larger cryptocurrency market crashes. The relative strength index (RSI) value is on the up while currently sitting at 54.22. Furthermore, the moving average convergence divergence (MACD) shows bullish highs for the first time since April 10, and is expected to make a bullish crossover with the neutral zone over the next 24-48 hours. While major technical indicators show positive signs for a move up to $0.20, a daily close below $0.13 support would invalidate the bullish thesis and propel DOGE back towards the March 23 low of $0.11.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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