Dogecoin volume doubles up as DOGE breaks $0.15 resistance

Dogecoin price analysis for April 5, 2022, confirms that the token has turned bullish following a surge in buying pressure. It is important to note that the buying pressure of the token has doubled up in the last 24 hours and investors can expect a move towards $0.16 if the conditions remain similar. As noted in our DOGE price analysis for April 4, 2022, the token had a strong resistance at $0.15 which has now been life behind in the shadows. What’s more? It seems that the meme coin season might be back. 

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 102.67% in the last 24 hours, followed by a 3.41% surge in the market cap. Moreover, the Market Dominance of the token has surged to 0.92%, while the Volume / Market Cap Ratio has a value of 0.1181.

The daily candle for Dogecoin opened at a price of $0.1485 and reached a daily high of $0.1540. Furthermore, the daily low for the token stands at a price of $0.1471 and the price of 1 DOGE at the time of writing is $0.1520.

Dogecoin price analysis on the daily chart for April 5

Dogecoin price analysis on the daily chart for April 5 will take into account the data from the daily chart below which includes readings from 3 of the major indicators.

Source: TradingView

The RSI indicator reads a value above 66 which means that the bulls have taken over the market and continue to remain in control. The gradient of the line suggests that higher prices are certainly possible. 

The MACD indicator reads show that the MACD line and the signal line are quite far apart from each other and the chances of Dogecoin breaking into $0.16 seem high. 

The price action aims to break out from the upper end of the Bollinger Bands indicating a surge in buying pressure. 

Conclusion

The Dogecoin price analysis for April 5, 2022, ends on a bullish note for the token as investors can expect DOGE to break $0.15 in the near future.