dogecoin There is an ongoing recovery in price. It witnessed a significant intro on April 3, due to the appearance of the Dogecoin icon despite Twitter’s blue bird logo. As a result, the coin price rallied to a 4-month high of $0.05 before falling for a correction phase. Should you seize this retreat opportunity at DOGE?
- A possible reversal from FIB 0.618 might encourage DOGE price to retrace the lost ground.
- A break below FIB 0.618 will reflect weakness in the bullish momentum prolonging the ongoing decline.
- The 24-hour trading volume on Dogecoin coin is $1.69 Billion, indicating a loss of 58%.
On April 4, Dogecoin price turned down from the psychological level of $0.1. This triggered a new phase of withdrawal. in the last five days meme coin Its price fell 19% to its current price of $0.0828.
This decline also evaporated the gains witnessed during the Twitter news. However, it showed that buyers were unable to sustain this news driven rally. With this, crypto- The asset price almost reached the combined support of the $0.08 and 0.618 Fibonacci retracement levels.
Theoretically, this lower FIB support is still strong enough to support buyers in sustaining the bullish recovery. Therefore, interested traders should wait for the price to sustain above these levels before entering their funds.
A possible reversal at $0.08 will restore the bullish momentum and push the price another 9% to the key resistance at $0.09. Traders should look to this resistance as it affects possible recovery or resumption of downtrend.
Technical Indicators
Despite a significant correction, the daily RSI slope managed to stay above the midline. This indicates that market sentiment is bullish.
The daily EMAs (20, 50, 100 and 200) have accumulated near the $0.08 support, forming a highly concentrated support zone.
Dogecoin Price Intraday Levels
Spot rate: $0.082, trend: Bearish, volatility: Medium, resistance levels at $0.09 and $0.01, support levels at $0.08 and $0.071.
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