The Dogecoin price witnessed a roller coaster ride in the first week of April. The new correction initiated at $0.228 high triggered a 25% drop to $0.167 before reverting to the $0.2 mark. With Bitcoin halving around the corner, this healthy retracement could bolster DOGE’s price to renew its recovery trend.

Also Read: Dogecoin Price Rebounds For $1 As Whale Buys Huge 200M DOGE

Dogecoin in the Spotlight with Surging Prices and Meme Coin Market Growth

Dogecoin Price| Tradingview

The mid-term outlook for Dogecoin (DOGE) is optimistic, as indicated by a rising trendline on the daily chart. This trendline acts as a reliable support during market corrections, signaling a solid recovery trend. 

Following a recent correction, the DOGE price found a low at $0.17 before rallying 20% to reach $0.2. This move surpassed a key resistance level at $0.196, setting the stage for further recovery. 

By the press time, the current market cap of Dogecoin wavers at $28.9 Billion, holding its position among the top 10 largest cryptocurrencies.

If this upward momentum continues, the Dogecoin price could see a 14% increase, aiming for the $0.228 mark. A successful breach of this level would further affirm the bullish trend and set the recovery trend to hit $0.271, followed by $.3

As long as the ascending trendline remains unbroken, Dogecoin’s recovery trend is expected to continue.

In a recent analytical tweet, IntoTheBlock highlighted the significant growth in the meme cryptocurrency market, noting an impressive tripling of the aggregate value in 2024. Among the notable performers, Dogecoin (DOGE) has seen its price double, while Shiba Inu (SHIB) has surged by 2.5 times. 

The aggregate value of meme coins has nearly tripled in 2024!

While DOGE has doubled in price in 2024, SHIB has increased 2.5x and PEPE nearly 5x. This memecoin season has led the valuation of memecoins to surpass $56B. pic.twitter.com/FdRykE3juD

— IntoTheBlock (@intotheblock) April 7, 2024

PepeCoin has demonstrated an even more astonishing increase, quintupling in value. This collective surge has propelled the meme coin market capitalization beyond the $56 billion mark, signaling a robust meme coin season.

Also Read: Dogecoin Price Pumping Again As Dogecoin20 Nears Exchange Listing

Technical Indicator

Exponential Moving Average: The 50-day EMA acts as additional pullback support for buyers, while the uptick indicates the buyers are active in the current market.
Relative Strength Index: The daily RSI rebound from 50% indicates a positive market sentiment returning to this asset.

The post Will Dogecoin Price Surpass $0.25 Barrier in April? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am