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Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) price swiftly reclaimed $0.15 on April 18 as traders found strong support on the downside and initiated a recovery.
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*1cqvvhb*_ga*MTAxMzE3MDgyMS4xNzA2Nzk5MzMw*_ga_53R24TEEB1*MTcxMzQ0NTkwMi4zMDMuMS4xNzEzNDQ4MTE5LjAuMC4w">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">TradingView</a> showed DOGE rose from a low of $0.1409, climbing 9% to hit an intraday high of $0.1536 on April 18.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-04/71c02caf-d634-493e-a00d-ceb80c7b61fd.png">
 <figcaption style="text-align: center;">
 DOGE/USD 1-hour chart. Source: <a href="https://www.tradingview.com/x/7woweklW/" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The popular memecoin appears primed for a recovery backed by increasing trading activity and a strengthening technical setup.
<h2 id="an-uptick-in-trading-activity-boosts-doge-price">An uptick in trading activity boosts DOGE price</h2>
The dog-themed <a href="https://cointelegraph.com/news/memecoins-making-millionaires-good-for-crypto">memecoin</a> has experienced a significant increase in trading volume over the last 24 hours, suggesting that investor interest has been rekindled.
Data from markets tracker Coinglass shows that spot trading volume has increased by 22% over the last 24 hours to reach $2.26 billion. 
The following heatmap gives a detailed breakdown of the trading activity, revealing that the volume on Binance accounted for 17% of this volume, followed by OKX with 7% and Bybit with 4.5%, among other exchanges. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-04/56d05586-0345-43d3-81c0-b4230d63b426.png">
 <figcaption style="text-align: center;">
 Dogecoin spot data analysis. Source: Coinglass
 </figcaption>
</figure>
The substantial increase in trading volume indicates renewed interest and activity around Dogecoin, suggesting that traders are closely monitoring its price movements.
<h2 id="a-bullish-rsi-divergence-backs-doge-s-recovery">A bullish RSI divergence backs DOGE’s recovery</h2>
Dogecoin’s recovery on April 18 precedes a period of growing bullish divergence between its price and the <a href="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal">relative strength index</a> (RSI).
Notably, DOGE’s price dropped between April 13 and April 18, forming lower lows. But, in the same period, its four-hour RSI rose, forming higher lows, as shown in the chart below.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-04/f608828f-8b61-4d75-932e-6ae41de55c57.png">
 <figcaption style="text-align: center;">
 DOGE/USD 4-H chart. Source: <a href="https://www.tradingview.com/x/Hh0IgZSy/" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
As a rule of technical analysis, a divergence between falling prices and rising RSI indicates strength in the prevailing downtrend. This prompts traders to buy more at local price dips, triggering a recovery.
The chart above also shows that the DOGE formed a falling wedge over the same period, characterized by its price fluctuating inside the area defined by two descending, converging trendlines. 
A falling wedge is typically a bullish reversal setup that resolves after the price breaks above its upper trendline and rises to a length equal to the longest distance between its upper and lower trendlines.
Applying the same rule of technical analysis on the ongoing DOGE/USD price trend places its breakout target at $0.1740, up around 16.35% from the current levels. 
Related: <a href="https://cointelegraph.com/news/altcoins-bottom-bitcoin-price-bounces-59-7-k-low">Have altcoins hit the bottom? Bitcoin price bounces 5% from $59.7K low</a>
<h2 id="doge-price-finds-strong-support-at-0-14">DOGE price finds strong support at $0.14</h2>
As the <a href="https://cointelegraph.com/news/bitcoin-halving-2024">Bitcoin halving</a> approaches, Dogecoin’s price remains above $0.14, showing potential for growth in the coming few days. The price bounced off this level on April 18, staging a 6.3% recovery to the current level.
Data from IntoTheBlock reinforced the significance of this level for <a href="https://cointelegraph.com/learn/what-is-dogecoin-a-beginners-guide-to-doge-cryptocurrency">Dogecoin</a> bulls. Its In/Out of the Money Around Price (IOMAP) model shows that this level was within the $0.1396 and $0.1438 price range, where approximately $3.03 billion DOGE were previously bought by roughly 104,190 addresses.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-04/48430ce0-e793-440c-9538-5a7c556e431c.png">
 <figcaption style="text-align: center;">
 Dogecoin IOMAP chart. Source: IntoTheBlock
 </figcaption>
</figure>
This support appears robust enough to absorb any selling pressure threatening to pull DOGE lower.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. 
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Why is Dogecoin price up today?

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