DOGE price expected to bounce after testing $0.0024 support level
12 Apr, 2019 analyst100
DOGE Price Analysis – April 12
After remaining choppy for the past one month, Doge market experienced a shock-wave in early April with a dramatic rise to the peak of $0.0043 before declining. Currently, the coin is valued at $0.0027. a long position is expected to bounce up price after testing the immediate support level.
Resistance levels: $0.0032, $0.0036,
Support levels: $0.0024, $0.002
April 2 recorded a strong bullish reaction in the DOGEUSD market after crossing up the major 50-day moving average (pink line), and posting a high at $0.0043. Before following a bullish sentiment last week, Doge’s trading was subdued below $0.0022 with a long squeeze since February.
Reaching the overbought zone on the 4-hours RSI, the market reversed downward near $0.0024 support. The RSI is now close to the 30 line. A possible swing high may retest the pink line at $0.0032 resistance, after testing the mentioned support.
Surpassing the $0.0032 level could pose Doge for the next target which lies at $0.0036 resistance and above. Similarly, a break down at the $0.0024 support could slip price to $0.002 support and beyond.
Since December 2018, DOGEBTC market had been maintaining a strong bearish sentiment as its value dropped substantially to a low of 50 SAT in February before accumulating on a side-way move.
Last week, the coin saw a sudden surge above the important 50-day moving average (pink line) and retraced back near to the break-point before posting a weekly high at 85 SAT.
After the spike, a sharp drop is slowly reaching 50 SAT support area; below the pink line. A bounce up is expected to push price higher to 63 SAT resistance level. Crossing up the pink line could send price on another bull-run.
However, a significant break down on the immediate support may position DOGE in bearish territory. By then, the medium-term RSI should be extremely in the oversold region.
Please note: Niffler.co is not a financial advisor and this article should not be treated as financial advice. However, you are welcome to apply this information on our simulated cryptocurrency exchange.
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