Dogecoin Holds Strong Amid Economic Strain, Technicals Hint at Further Upside
Despite rising global economic tensions and trade uncertainties rattling financial markets, Dogecoin (DOGE) is showing notable strength, supported by technical indicators that suggest continued bullish momentum.
Following a sharp 21.2% pullback—dropping from $0.165 to a low of $0.130—DOGE has mounted an impressive recovery. This rebound coincides with a broader market rally, as reflected in the CoinDesk 20 Index’s 9% surge over the past 24 hours. DOGE has now secured a solid support zone between $0.142 and $0.145, bolstered by strong buying activity.
Technical Analysis Highlights
- Volatility & Recovery: DOGE/USD experienced significant volatility with a 21.2% swing from $0.165 down to $0.130, before sharply reversing course.
- Reversal Pattern: A bullish reversal pattern has taken shape, with support firmly established in the $0.142–$0.145 range, according to CoinDesk Research’s technical models.
- Volume Confirmation: High trading volume during the April 9 rally helped validate the rebound, pushing DOGE back above the key $0.160 resistance level.
- Fibonacci & Support Levels: Price action is currently consolidating near the 61.8% Fibonacci retracement, with horizontal support holding around $0.155.
- Ascending Channel Formation: DOGE has entered an ascending price channel, marked by support at $0.155 and resistance at $0.156.
- Key Accumulation: A spike in volume—7 million DOGE traded—occurred at 11:32, highlighting strong buyer interest.
- Momentum Building: During early U.S. trading hours, DOGE posted consecutive higher lows and managed to break above $0.156, signaling growing momentum.
- Upside Potential: The current pattern indicates a potential move toward retesting the recent 48-hour high at $0.165.
