Highlights
Dogecoin (DOGE), the Altcoin based on a Shiba Inu meme has seen engagement like never before, following Elon Musk’s endorsements. Dogecoin saw a sporadic rise in the prior week, climbing from April. 13 lows of $0.068 to set new all-time highs of $0.47 on Apr. 16. At the time of writing, DOGE traded at $0.353, down by 5.92% on the day while still up by 388.39% on the weekly. DOGE bulls seem to be taking a brief nap on DogeDay, an improvised red-letter day for April 20, or “Dogecoin Day 4/20,” which according to social media is allegedly when DOGE/USD will hit $4.20 per coin. Now ranking 5th largest, Dogecoin’s market valuation stands at $48.35 billion with $27 billion in trade volume over the past 24 hours. American online electronics retailer Newegg has added Dogecoin (DOGE) as an official payment method through the BitPay platform. The firm said on Tuesday that the new feature was introduced in conjunction with DogeDay.
Key Levels
Resistance levels: $0.5000, $0.4704, $0.4370
Support Levels: $0.3364, $0.2279, $0.1466
DOGE/USD Daily ChartAfter a breathtaking rally to record highs of $0.47 on April 16, Dogecoin declined to lows of $0.227 amid profit-taking. Doge bulls rose to the occasion despite Sunday’s market crash pushing the price to highs of $0.446 on April 19. Further moves to extend the rally stalled as the bears guarded the $0.44 resistance ferociously, causing DOGE to touch lows of $0.336 in April. 20. If the bears extend the decline back to $0.336, DOGE may consolidate as it may take the market a while to digest the recent sporadic rise. Further declines beneath $0.336 could cause a retest of support at $0.295.
DOGE has confirmed support at $0.227 having retested it on two counts. A deeper pullback would meet support at $0.146 ahead of the MA 50 at $0.09. On the contrary, if buying interest returns, resistance could originate from the nearby $0.447 level before the bulls aim for the $0.47 record high. A break higher would bring DOGE price into uncharted waters, with the next major resistance barrier likely to be the $0.50 and $0.55 levels.
DOGE/USD 4-Hour ChartDogecoin is consolidating after a pullback from today’s high of $0.43. The technical oscillators lean towards a mixed bias with the downward sloping RSI slightly above the 50 marks. Bulls take a breather after an impressive rally which strongly accelerated in the prior week. Solid supports at $0.343, $0.325, and $0.255 should ideally contain dips and guard support the strong MA 50 support at $0.234.
Loss of which would sideline bulls and allow for a deeper correction. If the market weakens below the MA 50 support, the next support levels at $0.17 and $0.14 could come into focus. On the contrary, if buyers overstep resistance at $0.43, the DOGE price could jump to challenge the resistance at the record high of $0.47. If they succeed, the DOGE/USD pair could start the next leg of the rally that could reach $0.63.
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