Thursday, April 18, 2024

Dogecoin (DOGE) Eyes 30% Jump as Price Shows Bullish Signs.

This month has seen more volatility in the price of Dogecoin (DOGE), as its association with Bitcoin has increased. The price of DOGE varied in tandem with the pioneering cryptocurrency as it managed FOMO, capital flows from the spot ETF market, and most recently, the Fed meeting.

Dogecoin may increase by 30%.

Dogecoin pricing crashed to an intraday low of $0.1252 on Wednesday, following the decline of Bitcoin to the $62,000 level due to capital outflows from the ETF market. The change caused the price of DOGE to gather liquidity that was below the $0.1625 mark.

With Bitcoin currently demonstrating strength, Dogecoin pricing is on a recovery rally and may run into resistance at $0.1663, the 50% Fibonacci placeholder, which represents the midpoint of the market’s price motion. If this level is decisively closed by a candlestick, the price of DOGE can move up to the resistance level of $0.1855.

As part of an anomalous surge, the Relative Strength Index (RSI) bounces atop the 50 mark, supporting the bulls’ position. Dogecoin’s price may overcome the strong resistance level around $0.1855 with increased buying pressure before continuing to rise over the $0.2071 top set on March 5.

However, if investors book early profits, Dogecoin’s price might drop and reach the $0.1368 support level. The price may extend to the foot of the market range at $0.1255 in the worst-case scenario if this level of support fails to hold before perhaps rising. Invalidating the bullish premise would be a break and closing below this level.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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