In the last 24 hours, selected Altcoins have rallied to fresh highs. DOGE price shot up significantly on April 1, hitting six-week highs. This would be the first serious break above the MA 50 since Mar. 21 due to an extended bout of sideways trading. The bullish break above $0.055 could finally indicate a larger uptrend on DOGE price. At the time of writing, DOGE was up by 12.32% in the last 24 hours and 15.54% weekly while trading presently at $0.0602. Ranking 18th largest, Dogecoin’s market valuation stands at $7.57 billion with $5.19 billion in trade volume over the past 24 hours. Latvian airline, airBaltic just became the latest to accept Dogecoin payments for ticket booking after Cuban’s Dallas Mavericks. Recent skew data indicated that r/dogecoin has been the third-most active crypto group on Reddit ranking behind r/Bitcoin’s and r/cryptocurrency. Dogecoin’s surge in social activity coincides with Elon Musk SpaceX’s tweet of taking Dogecoin to the “literal moon”.
*DOGE price shot up significantly on April 1, hitting six-week highs
*DOGE was up by 12.32% in the last 24 hours and 15.54% weekly while trading presently at $0.0602
*Dogecoin’s surge in social activity coincides with Elon Musk SpaceX tweet of taking Dogecoin to “literal moon”
Key Levels
Resistance Levels: $0.0947, $0.0818, $0.0725
Support Levels: $0.0055, $0.0500, $0.0470
DOGE/USD Daily ChartDogecoin has been in consolidation since Mid February. The DOGE/USD pair broke above the resistance formed by the MA 50 at $0.055 to further enter the positive zone. The pair traded to highs of $0.072 before the bulls paused. A sustained break above $0.072 would confirm the trend and momentum change from down to up. Should the pair break significantly above the MA 50 and $0.072, the bullish action could stretch towards the Feb. 10 high of $0.081.
Higher, resistance could next emerge somewhere between $0.088 and $0.1 yearly high. The RSI has rebounded slightly off the 50 neutral marks boosting a positive outlook. On the contrary, the DOGE/USD could break south but the previous support at $0.050 is likely to hold. The ascending trendline is also likely to act as support for a bullish bounce as at afore times. Only a break below the trendline support invalidates the current bullish outlook on DOGE.
DOGE/USD 4-Hour ChartThe DOGE/USD is building a range above $0.056 after a failed breakout attempt past highs of $0.072. DOGE needs to break above the resistance of $0.072 for a bullish continuation of its price action. In this case, the first target beyond this level is $0.088 and the yearly top at $0.10. The RSI above the mid 50 reading suggests a minor advantage to the bulls.
In case the bears take control, DOGE may return to trade at its prior consolidation range of between $0.052-$0.055. The spotlight will then turn back to the MA 50 and the MA 200 confluence zone ($0.0540-$0.0547), with the Mar. 31 low at $0.050 also attracting attention. Breaching the latter, the sell-off could test the $0.048 level ahead of $0.040. DOGE could however continue to surge in an ascending trend pattern during the following trading sessions.
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