This Key Level will Determine if Dogecoin Price could Rise 24% or Tumble 10%

DOGE Price Prediction: April month has been a roller coaster ride for Dogecoin prices where it showed huge price swings but no commitment to a specific direction. Despite uncertain behavior, the coin price breached a long-coming resistance trendline on April 3rd offering an early sign for trend reversal. As of now, the buyers retest the breached trendline as a potential support to drive a sustained recovery rally.

Key Points

• A potential breakout above $0.08 will encourage the Dogecoin price to a 24% rally
• A breakdown below the support trendline will undermine the bullish thesis
• The 24-hour trading volume in the Dogecoin coin is $1.16 Billion, indicating a 46% gain.

Source-Tradingview 

Amid the recent sell-off in the crypto market, the Dogecoin price witnessed a 16.7% loss since last week’s high of $0.095 and plugged to the current market value of $0.079. As a result, the coin plummeted below the local support of $0.084-0.0793 but found immediate support at the aforementioned trendline.

The daily chart showcasing lower price rejection candles at flipped trendline indicates buyers are obtaining strong support from this dynamic slope. On a contrary note, the recently breached $0.084 horizontal level may act as significant resistance causing the Dogecoin price to wobble in a narrow range.

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If market sentiment improves and the DOGE price gives a daily candle closing above $0.084, the memecoin will get back on the recovery track. The potential breakout may lead the price to 24% higher to rechallenge the $0.1 psychological mark.

On a contrary note, a breakdown below the support trendline will encourage SHIB price for longer correction.

Technical indicators

MACD: The increasing gap between the falling MACD(Blue) and signal(orange) line indicate aggressive selling pressure in the market.

EMAs: the daily EMAs(20, 50, 100, and 200) moving just above the coin price reflect the buyers will face multiple resistance in a recovery attempt.

Dogecoin Price Intraday Levels

• Spot rate: $0.079
• Trend: Bullish
• Volatility: High
• Resistance levels- $0.08 and $0.085
• Support levels- $0.071 and $0.0628