Dogecoin Price Technical Analysis 05.04.2023

Dogecoin was on Burger King’s agenda in the past days, and recently it saw a rise of nearly 40% when Elon Musk changed his Twitter symbol to Dogecoin. At its current position, it is trying to hold on to the $0.10 support level, which was its previous peak, and it will likely attempt to test the $0.11 resistance level in front of it.

For those who have purchased at lower prices, I believe the region where they should consider taking profits is the range of $0.10 – $0.11. As shown on the chart, if it can make 4-hour closes above $0.112 and with continued media coverage, it will head towards the $0.16 level. This would mean a 60% increase for Dogecoin.

For those who want to participate in Dogecoin transactions, it would be healthier to wait for a pullback to the $0.085 region or the breaking of $0.112.

We know that in the past years, Dogecoin reached as high as $0.74 during a large rally. We cannot say for sure if it will revisit those levels or not, but we know that many investors are currently in a losing position. Therefore, let us not forget that there will be selling pressure at almost every resistance level unless there is significant news.

The analysis shared here is not investment advice but rather support and resistance levels that I believe could provide short-to-medium term trading opportunities in the market. The responsibility for trade execution and risk management lies with the user. I Strongly Suggest using stop loss on trade setups.
I wish everyone profitable trading.

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