Dogecoin Reclaims Momentum After Steep Drop, Eyes Further Gains as Support Holds Firm
Dogecoin is showing strong recovery signs after a sharp correction, regaining investor confidence amid ongoing global economic uncertainties. While broader market sentiment remains cautious, DOGE is positioning itself for a potential continued upswing.
The asset recently experienced a steep 21.2% decline—falling from $0.165 to a low of $0.130—but has since bounced back alongside a market-wide rally. The CoinDesk 20 Index rose 9% in the past 24 hours, and DOGE has now reclaimed a critical support range between $0.142 and $0.145, backed by increased buying activity.
Technical Overview: Recovery Gaining Traction
- High Volatility, Strong Response: DOGE witnessed a rapid 21.2% selloff, but quickly recovered as buyers stepped in near the $0.130 mark.
- Established Support: CoinDesk Research highlights a confirmed bullish reversal pattern, anchored by support in the $0.142–$0.145 zone.
- Volume Confirmation: The recovery was accompanied by a noticeable volume surge on April 9, helping push the price above the $0.160 resistance.
- Key Levels in Play: DOGE is now consolidating at the 61.8% Fibonacci retracement, a common pivot point in trend reversals, with a floor near $0.155.
- Trend Channel Forming: Price movement is aligning within an ascending channel, with current levels holding between $0.155 support and $0.156 resistance.
- Strategic Accumulation: A spike in activity around 11:32 saw 7 million DOGE traded, indicating strong accumulation by market participants.
- Momentum in U.S. Session: Early trading in the U.S. showed bullish strength, with rising lows and a clean breakout above $0.156.
- Upside Watch: If current momentum continues, DOGE could retest the $0.165 level in the near term, a key short-term resistance.
Dogecoin’s swift rebound and consistent technical signals point to growing bullish momentum. As global uncertainty continues to weigh on markets, DOGE’s ability to hold key levels may offer a compelling case for short-term upside potential.
