Category: Crypto News

DOGECOIN PRICE ANALYSIS & PREDICTION (April 9) – Doge Loses 5% Daily Following A Sharp Rejection, Are The Bears Back?

 Alongside other meme coins, Dogecoin recovered from a dip a few days ago and revisited a key price level yesterday. Unfortunately, it faced rejection there, dropped and now appears weak on the intraday trading. 

Last week, Doge witnessed a notable loss following a bearish crossover from the previous month. It recovered later in the week and the price climbed to exactly $0.21 – on Binance – yesterday. 

Retesting that key price level as resistance, the meme coin paused buying and closed calmly with a bearish pin bar. Today opened short and the price dropped to where it’s changing hands at $0.195. 

While the current daily candle pattern suggests a potential sell, a strong close below yesterday’s low could activate big drops in the coming days. Right now, the price looks weak on the daily chart following a 6% cut in the last 24 hours. 

The bears are trying to step back and with the latest setup, they might regain control soon. A pull below last week’s low could cause another severe loss in the market. But as of now, selling pressure appears low. 

Despite the negative sentiments surrounding the market today, Doge still looks bullish on the weekly scale. A monthly close above the $0.23 level should validate more gains from a long-term perspective. 

DOGE’s Key Level To Watch

Source: Tradingview

Notwithstanding, there’s still hope for the bulls if they can intercept selling to push above the $0.206 resistance. Their next target would be $0.229 if that plays out before flipping to the $0.25 level. 

Considering the latest price weakness, Doge may slide back to a minor support of $0.185. Losing last week’s $0.167 support could activate a huge sell-off to the $0.145 and $0.123 levels.

Key Resistance Levels: $0.206, $0.229, $0.25

Key Support Levels: $0.167, $0.145, $0.123

  • Spot Price: $0.195
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: archnoi1/123RF // Image Effects by Colorcinch

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