Convergence

2024

Bitcoin

Dogecoin

Dogecoin Price Analysis: On Saturday, the<a href="https://coingape.com/crypto-prices-today-april-20-bitcoin-at-64k-ethereum-nears-3100-sol-xrp-recover/" rel="noopener noreferrer nofollow"> cryptocurrency market</a> traded relatively stable despite the successful execution of the fourth bitcoin halving. This consolidation trend for a majority of major coins including Dogecoin continues, reflecting no clear dominance from buyers to sellers. However, the DOGE price holding its ground above the 50% retracement level indicates the broader trend on this asset remains bullish.
Also Read: <a href="https://coingape.com/markets/6-expert-picked-crypto-to-buy-on-the-cusp-of-2024-bitcoin-halving/" rel="noopener noreferrer nofollow">6 Expert Picked Crypto To Buy On The Cusp Of 2024 Bitcoin Halving</a>
<h2 id="how-50-fibonacci-level-is-shaping-dogecoin-s-market-strategy">How 50% Fibonacci Level is Shaping Dogecoin’s Market Strategy</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/q/QUwHW6G6.png" alt="BINANCE:DOGEUSDT Chart Image by sahilmahadik07">
The <a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/" rel="noopener noreferrer nofollow">Dogecoin price</a> has been under an active correction trend for the past three weeks highlighted by a downsloping trendline in the daily chart. The bearish downturn initiated from the $0.228 high tumbled the ADA’s value to a low of $0.13 registering a 43% fall.
<blockquote>
 However, with the <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> showcasing sustainability above the $60000 psychological level, the Dogecoin price rebounded above 50% Fibonacci retracement level at $0.143. In theory, this FIB level stands as a crucial support level for buyers to replenish bullish momentum amid major market correction.
</blockquote>
The <a href="https://coingape.com/sponsored/analysts-back-dogecoin-to-1-with-traders-also-bullish-on-new-dogeverse-meme-coin/" rel="noopener noreferrer nofollow">DOGE price</a> has displayed multiple lower-price rejection candles at the $0.143 level for more than a week, signaling that buyers are actively protecting this support. If the anticipated post-halving rally uplifts the altcoin market, the Doge price is well positioned for a bullish reversal.
The renewed recovery from 50% retracement will bolster buyers to rechallenge the overhead resistance trendline. This breakout will signal the continuation of the prevailing rally to propel the DOGE price to $0.22, facing in-between resistance at $0.2.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: An analysis of the daily chart shows the 50- and 100-day EMA acts as dynamic resistance and support for the DOGE price currently in consolidation.</li>
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: The <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" rel="noopener noreferrer nofollow">MACD</a> (blue line) and the signal line (orange) have undergone a significant bearish crossover, with no indications of an imminent bullish reversal as of yet.</li>
</ul>
The post <a href="https://coingape.com/markets/dogecoin-price-analysis-key-support-level-to-post-bitcoin-halving/" rel="noopener noreferrer nofollow">Dogecoin Price Analysis: Key Support Level to Watch Post-Bitcoin Halving</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin Price Analysis: Key Support Level to Watch Post-Bitcoin Halving

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