Dogecoin jumps into the $0.16 price zone with a 6% price surge

Dogecoin price analysis for April 6, 2022, comes on a bullish note for today as bulls have defeated the bears. It is important to note that the token surged past the $0.15 price zone and has broken into the $0.16 price zone. It is also crucial to note that TheCoinRise noted in our DOGE price analysis for April 5, 2022, that the token outperformed the market as its demand grew among investors. The next step for DOGE is to break $0.17 in the near future. 

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 134.58% in the last 24 hours, followed by a 6.70% surge in the market cap. Moreover, the Market Dominance of the token has surged to 1.02%, while the Volume / Market Cap Ratio has a value of 0.2858.

The daily candle for Dogecoin opened at a price of $0.1727 and reached a daily high of $0.1748. Furthermore, the daily low for the token stands at a price of $0.1581 and the price of 1 DOGE at the time of writing is $0.1617.

Dogecoin price analysis on the daily chart for April 6

Dogecoin price analysis on the daily chart for April 6 will take into account the data from the chart below which includes the readings from 3 major indicators.

Source: TradingView

The MACD line remains above the signal line confirming that the bulls are in control and the MACD histogram is also bullish with green bars on the daily chart. 

The RSI indicator reads a value above 65 which means that the bulls are currently in control and the gradient of the line suggests that Dogecoin might drop further. 

The price action broke out from the upper end of the Bollinger Bands following a surge in buying pressure from bulls. This means DOGE might resume the uptrend.

Conclusion

Dogecoin price analysis for April 6, 2022, confirms that the meme coin might break above the $0.17 price resistance as buyers remain in control.