Dogecoin Price Holds Higher: Can DOGE Crypto Keep Up The Pace?

1 The Dogecoin price was down nearly 1.08% intraday and was trading close to 0.210 USD at the time of writing.
2 The technical indicators imply a strong outlook above the key EMAS of 20, 50, and 200-Day.

The Dogecoin price trades with a swift intraday loss of nearly 1.08% in the 1st half on Saturday. The bears are trying to regain control and drag the price lower for the second consecutive day.

However, the price still hovers near the monthly high value despite the bear’s attack in the last couple of sessions. The short-term and long-term trends are positive, and the DOGE crypto is headed higher.

Recently, the DOGE price broke out on the higher side and hit a new yearly high value at $0.228. The price bounded back from the 50-day EMA and ended the consolidation with a breakout.

On the lower side, the previous supply zone may act as a demand, and the price may take a rebound after retracing it. The technical indicators imply a strong outlook as the price hovers above the key EMAs of 20, 50, and 200-day EMA.

On the higher side, any breakout may be considered a trend constitution, and the price may continue to rise until it hits a strong supply zone.

Dogecoin Crypto Volatility Analysis

The above chart shows a correlation between the price and volatility of the Dogecoin price. Volatility metrics are an indicator of the fluctuation in the price. A high volatility generally indicates an instability in the price.

The volatility analysis of the Dogecoin price highlights that the volatility curve turned towards the north in the last week of January as the price jumped higher after the breakout. However, it dropped after the DOGE crypto seemed to stabilize at higher levels. The last couple of sessions have seen a drop in volatility, indicating the price stabilizing at the CMP.

Number of Active Addresses Surged in the last Two Months!

The Dogecoin active addresses data implies the number of users currently participating in either buying or selling of the cryptocurrency. It also elaborates on a change in the number of active users over some time.

The above chart shows that the number of active addresses saw a positive development in the last week of January and continued till the 1st week of March. The number of active addresses has dropped in the previous couple of weeks.

Dogecoin Price Sentiment Analysis

The Dogecoin Sentiment data displays the current domination of the bulls or bears in the short term. It also shows the change in sentiments in the recent sessions, which gives early signals of a trend change or continuation.

The sentiment data analysis depicts that the bulls have held the grip since mid-February, and the DOGE price is heeded higher, forming lower lows and lower highs structure. The overall sentiment has dropped slightly in the last couple of sessions. However, the overall sentiment is still positive.

Dogecoin Price Prediction April 2024.

As per the most bullish observation of our analysts, the DOGE price may attain higher levels of $0.25 and $0.3 in April if it resumes on the higher side with the same momentum. If the bulls fail to keep up the pace and the price drops, lower levels of $0.185 and $0.15 may act as a support level and try to halt the further fall.

Conclusion

After a strong rally, the Dogecoin price is down in the last two sessions. The bulls drove the rally after the price bounced back from the dynamic support of the 50 EMA. The crypto witnessed a consolidation of nearly two weeks near the monthly high, which was broken after the recent breakout.

The previous breakout zone may act as a support if the price drops. The short-term and long-term trend outlook is positive, which may act as a buy-on-dip scenario for traders and investors. On the higher side, the $0.25 and $0.3 levels may be targeted for the next month.

Technical levels:

Support levels: $0.185 and $0.15
Resistance levels: $0.228 and $0.25

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.