Dogecoin Volatility with 40% Surge and Retracement, Where to Next? (DOGE Price Analysis)

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Dogecoin Volatility with 40% Surge and Retracement, Where to Next? (DOGE Price Analysis)
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Dogecoin rallied 40% this week when news of Elon Musk’s acquisition of Twitter was confirmed. Elon has hinted in the past that Twitter could use Dogecoin for payments.

Key Support Levels: $0.125, $0.11

Key resistance levels: $0.15, $0.19

DOGE was an outlier Monday, skyrocketing and gaining 40% before bears took over the price action. Since then, the cryptocurrency has fallen back between the $0.125 support and $0.15 resistance. This indicates a flat trend.

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Buyers cannot sustain such a rally, especially with much of the market still bearish. Therefore, a new push is needed to break this range.

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Technical indicators

Volume: Volume is like a burst of price, but the excitement is short-lived. Volumes have been lower on a daily basis since Monday.

RSI: The daily RSI continues to be flat around 50 points. The recent price increase was not enough to change this trend.

MACD: The daily MACD remains bearish, with Monday’s price action helping to accelerate a possible upside crossover. This is still up in the air and a clear break above the $0.15 resistance is required to return to the uptrend.

DOGEUSDT_2022-04-27_15-20-42
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bias

DOGE’s bias is neutral.

Short-term forecast for DOGE price

Dogecoin continues to be in the spotlight, and Elon Musk’s enthusiasm for the cryptocurrency has given hope for future adoption on Twitter. This fundamental change could be positive for DOGE, but for now, its price remains in a flat trend. Turning resistance at $0.15 into support is essential if DOGE is to move higher from here.

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Disclaimer: The information found on CryptoPotato is that of the cited author. It does not represent an opinion of CryptoPotato as to whether to buy, sell or hold any investment. It is recommended that you do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for details.

Cryptocurrency charts from TradingView.



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