Dogecoin jumps 30% and reclaims its position in the top 10 cryptos

Dogecoin price analysis for April 26, 2022, comes on a bearish note for the token with increased chances of breaking above the long-time resistance of $0.17. In the last 24 hours, the meme coin has surged by 30%, which confirms that DOGE might continue to dominate in the short term as it has once again taken its position as the 10th biggest cryptocurrency by market cap. On the other hand, in our DOGE price analysis for April 25, 2022, we saw DOGE lose $0.13 price region and drop to the 14th position in the market.

The data from CoinMarketCap shows that the trading volume for Dogecoin has jumped by 890.32% in the last 24 hours, followed by a 30.71% surge in the market cap. Moreover, the Market Dominance of the token is now once again back above 1%, while the Volume / Market Cap Ratio has a value of 0.3309.

The daily candle for Dogecoin opened at a price of $0.1582 and reached a daily high of $0.1668. Furthermore, the daily low for the token stands at a price of $0.1489, and the price of 1 DOGE at the time of writing is $0.1628.

Dogecoin price analysis on the daily chart for April 26

Dogecoin price analysis on the daily chart for April 26 will consider the input from the daily chart below.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line, following a bullish divergence witnessed on the daily chart. 

The RSI indicator reads a value below 65, which confirms that Dogecoin might enter the overbought zone soon if the price action continues to surge. The gradient of the line confirms that higher prices will follow.

The price action broke out of the bullish zone of the Bollinger Bands, confirming the formation of an uptrend for Dogecoin.

Conclusion

Dogecoin price analysis for April 26, 2022, ends on a bullish note for the token as chances of breaking above $0.17 seem quite high.