Dogecoin dominance back to 1%: Prices jump 3% in 24 hours

Dogecoin price analysis for April 20, 2022, comes on a bullish note for the token as the meme coin remains above the $0.14 price region. Moreover, the meme coin has been making big moves recently as we also witnessed DOGE make higher highs recently. Furthermore, as noted in our DOGE price analysis for April 19, 2022, the token has seen strong support at the $0.14 price region which is one of the key levels that will support an uptrend in the near future. 

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 11.56% in the last 24 hours, followed by a 3.39% surge in the market cap. Moreover, the Market Dominance of the token is now once again back at 1%, while the Volume / Market Cap Ratio has a value of 0.0434.

The daily candle for Dogecoin opened at a price of $0.1425 and reached a daily high of $0.1458. Furthermore, the daily low for the token stands at a price of $0.1405, and the price of 1 DOGE at the time of writing is $0.1447.

Dogecoin price analysis on the daily chart for April 20

Dogecoin price analysis on the daily chart for April 20 will take into account the data from the indicators integrated into the daily chart below.

Source: TradingView

The MACD indicator shows that the MACD line is below the signal line but the two are very close and this might lead to a bullish divergence. 

The RSI indicator reads a value below 54 for Dogecoin which confirms that bulls have reappeared and we can expect DOGE to form an uptrend since the gradient is positive.

The price action aims to test the middle zone of the Bollinger Bands which, if successful, will lead to higher prices in the short term.

Conclusion

Dogecoin price analysis for April 20, 2022, ends on a bullish note for the token but investors need to watch out for $0.14 price support.