Will Dogecoin price break the $0.25 barrier in April?
After a healthy correction, Dogecoin price has resumed its upward movement at the $0.167 support level, signaling a possible rally to higher levels.
Dogecoin price has experienced a roller coaster ride in the first week of April. The new correction, which started from a high of $0.228, led to a 25% price drop to $0.167 before recovering to around $0.2.
With Bitcoin’s halving just around the corner, this healthy correction could support Dogecoin’s price and allow it to resume its upward trend.
The medium-term outlook for DOGE is positive, as indicated by the ascending trendline on the daily chart. This trendline has acted as a reliable support during market corrections, indicating a solid recovery trend.
In the most recent correction, Dogecoin price found a low at $0.17 and subsequently rallied 20% to $0.2. This move surpassed the critical resistance level of $0.196, setting the stage for further recovery.
As of now, Dogecoin’s current market cap is $28.9 billion, ranking among the top ten cryptocurrencies. If this upward momentum continues, Dogecoin price could rise by 14% with a target of $0.228.
A successful break above this level would further confirm the bull trend and set the recovery trend at a target of $0.271, followed by $0.3. As long as the rising trendline is not broken, Dogecoin’s recovery trend is expected to continue.
It is not difficult to see the significant growth of the memecoin market in recent analysis, with its total value increasing by as much as three times in 2024. Among the noteworthy performers, DOGE doubled in price, while SHIB rose 2.5 times.
Pepe’s growth was even more impressive, with a five-fold increase in price. This collective rally pushed the market cap of memecoins to over $56 billion, indicating a strong memecoin season.
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