Dogecoin Plunges Sharply As Bulls Hold Above $0.14 Support

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Apr 10, 2022 at 11:21 // Price

Dogecoin (DOGE) price is trading above the moving averages after the recent rally. Today, April 10, the DOGE price is trading at $0.14 after buyers were bounced at the high of $0.17.

Dogecoin (DOGE) price Long-term forecast: bullish

In the latest price action, the cryptocurrency price rose to a high of $0.179. Bulls broke through resistance at $0.13 and $0.17, but were rejected at the resistance zone at $0.18. 

The following day, the altcoin fell sharply to the low of $0.14. Since April 6, DOGE/USD has been trading above the moving averages. This indicates a possible upward movement to retest the resistance zone around $18. Dogecoin will rally to $0.22 if the bulls overcome the recent high. Still, the altcoin could risk another downward correction if the bears fall below the moving averages.

Dogecoin (DOGE) indicator reading

Dogecoin has prospects for further upside movement as the cryptocurrency price is above the moving averages. The altcoin will rise to the previous highs. It is at level 53 of the Relative Strength Index for period 14. Dogecoin is trading in the uptrend zone and is capable of rising. The altcoin is below the 20% range of the daily stochastic. This means that the selling pressure has reached bearish exhaustion. The cryptocurrency is trading in the oversold region.

DOGEUSD(Daily_Chart_-_April_9.png

Technical indicators: 

Key resistance levels – $0.80 and $0.85

Key support levels – $0.45 and $0.40

What is the next direction for Dogecoin (DOGE)?

Dogecoin is likely to move up again as it is trading in the bullish trend zone. The cryptocurrency has been moving above the moving averages for the past four days. Meanwhile, on April 7, the downtrend; a retracement candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that DOGE will fall to the 1.272 Fibonacci extension level or the $0.13 level. 

DOGEUSD(_4_Hour_Chart)_-_April_9.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.



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