With a slight rise in the bullish strength, memecoins rebounded the hardest, as they do each time, with Dogecoin, FLOKI, Pepe & Bonk leading the recovery. The recovery in the DOGE price was followed by a drop of over 4% triggered by Elon Musk’s comment of Dogecoin not being adopted by the government. Meanwhile, the selling pressure has faded to some extent, which could elevate the levels beyond $0.2 soon as technicials are turning bullish.
Ever since the institutions have landed in the crypto space, the crypto has been less influenced by the developments in the space or by the on-chain readings. The only thing that matters currently is the US government and its policies. It has been broadly seen in the traditional markets and gold, which is peaking due to uncertainty. Dogecoin whales have accumulated more than 220 million DOGE throughout March while the price remained consolidated around $0.17 and experienced a single push to above $0.2, which was thrashed in no time.
Considering the historical chart, the DOGE price has reached the lower support of the lower rising parallel channel. The price is finding its support at the 200-day weekly MA while the 50-day weekly MA is acting as an immediate resistance. The selling pressure has dropped over the past few weeks and the MACD levels are heading for a bullish crossover, which suggests the price may soon trigger a rebound and maintain a healthy upswing.
Will Dogecoin Price Reach $0.25 in April 2025?
Whenever the Dogecoin price finds itself between the two MAs, it tends to maintain a horizontal consolidation until these levels undergo either a bullish or bearish crossover. Besides, in the short term, price action also displays a similar trend. The daily chart of DOGE shows the price is consolidating along the multi-month ascending trend line, flashing bullish signals for the upcoming price action.
The price is holding along the rising trend line that it has held since the October breakout. The MACD suggests a drop in the buying pressure but the levels, which were about to undergo a bearish crossover, have diverted. On the other hand, the RSI remains incremental, holding along the ascending trend line, suggesting the rise in the strength of the rally. Therefore, the Dogecoin price is expected to maintain an ascending consolidation along the trend line and reach the crucial resistance around $0.2.
These levels have been acting as resistance and support levels as and when required. Therefore, a surpass from these ranges may build more confidence among the market participants. As the volume has slightly increased recently, it indicates the bulls are vigilant and hence may exhibit required action, pushing the Dogecoin (DOGE) price beyond $0.25.
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