Dogecoin Price Analysis: 100-day SMA Bolster DOGE Price To Break $0.17

The DOGE price pumps 8% today, responding to the Billionaire Elon Musk’s proposal for twitter to accept Dogecoin for Twitter Blue subscription. This celebrity-driven rally may encourage buyers to rechallenge the overhead resistance of $0.17 for a bullish breakout.

Key technical points:

  • The 100-day SMA flipped to a valid support
  • The DOGE chart presented four consecutive green candles on the weekly chart.
  • The 24-hour trading volume in the Dogecoin coin is $1.58 billion, indicating a 117.7% gain.

TradingView Chart

TradingView ChartSource-Tradingview

The DOGE buyers witnessed a V-shaped recovery as the price rebounded from the $0.01 phycological support. The sustained bullish momentum surged the altcoin by 56% and tagged the $0.17 monthly resistance.

On April 6th, the crypto market experienced a sudden sell-off which reverted the DOGE price with a long bearish engulfing candle. However, the 100-SMA slope acted as immediate support for the price and prevented the coin holders from any excessive loss.

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The coin price managed to sustain above the EMA support, and with an additional push from Elon musk, the DOGE price bounced back, displaying an 8% intraday gain.

The memecoin may soon challenge the above ceiling of $0.17 with an intention to give a strong breakout and candle-closing above it. If the buyers succeed, the trades can expect a 15% spike to the $0.2 psychological mark. 

Technical indicator

The recent price jump breached and converted the 50-and-100-day SMA into viable support levels. However, the 200-day SMA aligned with the $0.18 level may interrupt the bullish rally.

The Relative Strength Index(60) starts to recover as it escapes a breakdown below the neutral line. Moreover, the RSI slope may soon regain the 14-SMA line, providing an additional confirmation for long buyers.

  • Resistance levels- $0.17 and $0.2
  • Support levels- $0.135 and $0.11

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