Logo
Cardano Ecosystem

CryptosHeadlines

04/11/2024

·

86 views


Dogecoin (DOGE) Price Poised for Another Rally; Potential 20% Surge Ahead

Currently, Dogecoin (DOGE) price maintains its gains above the crucial support level of $0.160. However, it encounters resistance near a significant bearish trend line situated at $0.20 on the daily chart. Despite this hurdle, bullish momentum persists as the bulls target a potential breakthrough towards the resistance level at $0.250.

Dogecoin (DOGE) Price Poised for Another Rally; Potential 20% Surge Ahead

Currently, Dogecoin (DOGE) price maintains its gains above the crucial support level of $0.160. However, it encounters resistance near a significant bearish trend line situated at $0.20 on the daily chart. Despite this hurdle, bullish momentum persists as the bulls target a potential breakthrough towards the resistance level at $0.250.

Claim Instant 100,000 Chika Tokens $100 Free New Memecoin , Claim Airdrop Now On ChikaMoji.lol

Dogecoin (DOGE) is experiencing a bullish trend, surpassing the $0.1750 mark. If it manages to establish support beyond the resistance level at $0.20, there’s potential for a significant surge in the Dogecoin price, potentially exceeding 20%.

DOGE Price Analysis: Key Support Holds Amidst Volatility

Following a peak at $0.2285, Dogecoin underwent a corrective phase, slipping below crucial support levels like $0.20 and $0.180. However, it discovered robust support near $0.1650, coupled with the 50-day Simple Moving Average (SMA).

Bouncing back from a low of $0.1673, DOGE has embarked on an upward trajectory, mirroring the positive movement of Bitcoin and Ethereum. It managed to surpass the resistance at $0.1850 and breached the 50% Fibonacci retracement level from its recent downturn.

Dogecoin price daily chart | Source: DOGE/USD on TradingView.com

The release of the US Consumer Price Index (CPI) report, revealing a 3.5% rise in March 2024 (Year-over-Year), initially triggered a downturn across BTC, ETH, and DOGE prices. Nevertheless, the market is now in recovery mode, fueled by diminishing expectations of a Fed rate cut in June 2024.

Claim Instant 100,000 Chika Tokens $100 Free New Memecoin , Claim Airdrop Now On ChikaMoji.lol

A WSJ analysis found that a commonly purchased basket of supermarket goods has increased in price by 36.5% over the past 4 years (+8.1% per year). This is much higher than the US Government CPI figures which show food price inflation of 25.2% over the last 4 years (+5.8% per… pic.twitter.com/DJhFdZIZtr

— Peter Mallouk (@PeterMallouk) April 11, 2024

On the daily chart, Dogecoin encounters resistance at a critical bearish trend line around $0.20. There’s a possibility that the price may replicate the pattern of breaking this trend line, signaling a continuation of its upward trend.

Immediate resistance levels include $0.20, followed by the $0.2050 mark or the 61.8% Fibonacci retracement level from the recent downturn. A decisive breach above $0.2050 could propel DOGE towards $0.2280. Sustained bullish momentum beyond $0.2280 may lead to a target of $0.250.

DOGE Price Analysis: Bullish Momentum, Downside Risks

In the event of a potential downside correction, immediate support for DOGE is visible around the $0.1850 level. Should the price retreat further, the first significant support level forms at $0.180. Additionally, a connecting bullish trend line on the same chart offers support at $0.1785.

However, the primary support zone is currently taking shape near $0.160, coinciding with the 50-day Simple Moving Average (SMA). Failure to defend this crucial level may result in substantial losses. In such a scenario, bears could target a downward thrust towards the $0.1240 support region.

On a brighter note, DOGE continues to gather bullish momentum above the $0.1850 zone. This suggests a potential for further upside movements, potentially aiming towards the $0.2280 level and eventually $0.250 in the days ahead.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News

  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

    View all posts

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on CryptosHeadlines

ORIGINAL SOURCE

https://cryptosheadlines.com/dogecoin-do...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from CryptosHeadlines

See more
Bitcoin Surges Above $72000 on Prospects of Ethereum ETF Approval
CryptosHeadlines
Bitcoin Surges Above $72000 on Prospects of Ethereum ETF Approval

today at 7:46 AM

·

2 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)