Dogecoin up more than 2% in 24 hours: Meme coin season back?

Dogecoin price analysis for April 4, 2022, comes on a bullish note for the meme coin which confirms that the token has surged more than 2% in the last 24 hours. It is also important to note that the meme coin remains below the major resistance of $0.15 which it has failed to break above on a number of occasions. As per our Dogecoin price analysis for April 1, 2022, the chances of the token found support at the $0.14 price region and if conditions remain the same, we might see another drop in the near future. 

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 68.16% in the last 24 hours, followed by a 2.20% decline in the market cap. Moreover, the Market Dominance of the token has surged to 0.89%, while the Volume / Market Cap Ratio has a value of 0.06018.

The daily candle for Dogecoin opened at a price of $0.1465 and reached a daily high of $0.1468. Furthermore, the daily low for the token stands at a price of $0.1427 and the price of 1 DOGE at the time of writing is $0.1440.

Dogecoin price analysis on the daily chart for April 4

Dogecoin price analysis on the daily chart for April 4 will take into account the readings from the 3 indicators on the chart below.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are closing in on each other and the chances of a bearish breakout are increasing. 

The RSI indicator shows a value of 59.96 which means that the bulls are currently in control and also, the gradient of the RSI line suggests that we might lower prices today.

The price action is situated in the upper end of the Bollinger Bands but today’s trajectory shows that the chances of Dogecoin testing the middle zone are high. 

Conclusion

Dogecoin price analysis for April 4, 2022, ends on a bearish note for the token as the chances of losing $0.14 seem considerable.