Dogecoin Price Crossed Demand Zone, Is It About To Get Wings Soon

1 The Dogecoin price the 20-day EMA and jumped higher, highlighting strength in the crypto.
2 The DOGE crypto is extending the gains on the third consecutive day and was up 4.26% at the time of writing.

The Dogecoin price has been trading well in the last couple of sessions and has added nearly 17% to its value in the last three sessions. The price retraced the 20 day EMA and surged, indicating strength in the trend.

The bears tried to get into the game after the DOGE price attained a new swing high. However, the bulls made a comeback near the dynamic support of 20 day EMA and previous breakout zone, and the selling momentum faded away.

The bulls are in control of the trend and the crypto is headed upwards, forming higher highs and higher lows. The 20 and 50 day EMAs are acting as a dynamic support levels.

The daily chart showcases that Dogecoin has resumed on the higher side after a short term correction in February. The short term trend outlook is bullish at the moment and the crypto may continue to conquer higher levels.

Dogecoin Crypto Volume Analysis

The volume analysis shows that DOGE received nearly $2.17 Billion In volume in the past 24 hours which is nearly 5.54% higher than the previous day. The volume has been on the rise for the last few sessions along with the rise in price.

The volume to market cap ratio is 7.36% suggesting mild volatility in the crypto. It has a live market capitalization of $29.62 Billion. it has 143.79 Billion DOGE tokens in the circulating supply which is also the total supply.

The social volume reveals the number of social media users engaged in the transactions of Dogecoin. The social volume chart highlights that a growth of nearly 60% in the number of users was observed in February.

The total number of social users participating peaked in the 1st week of April and dropped nearly 25%. Recently, the number of users again started to increase indicating a positive value for the crypto. The social dominance value of Dogecoin stands at 1.95% at the moment with an increase of nearly 0.5% in the last one week.

Technical Indicators Imply A Positive Outlook

From a technical point of view, the DOGE crypto retraced the 20 day EMA and surged higher indicating strength in the trend. The crypto hovers above the 20, 50 and 200 day EMAs suggesting a positive trend prevails in the short term as well as long term.

At the time of writing, the RSI line was placed close to 60.28 points and that of the SMA line was at 59.88 points. Both the RSI and SMA line were placed above the mean line indicating a positive outlook in the short term.

Dogecoin Price Forecast 2024

On the most optimistic note, Dogecoin price could gain a high of $0.260 as the highest value in April if the bulls surpass the recent swing high of $0.227. On the other hand, the most pessimistic prediction of our analysts is for the price to reach $0.122 if it breaks below the recent support level of $0.175.

Conclusion

DOGE price is extending the gains on the third consecutive sessions and has jumped nearly 4.26% intraday to $0.205. The price rebounded from the 20 day exponential moving average and surged, indicating strength in the trend.

The short term as well as the long term trend outlook is positive due to which the crypto may resume its way towards the higher levels. The bulls have regained control after a short term correction in February and are intending to conquer higher levels.

Technical levels

Support Levels: $0.175 and $0.172
Resistance Levels: $0.227 and $0.260

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.